Naira Gains Strength, Hits ₦1,480/$ in Parallel Market

The Nigerian naira has gained ground in the parallel market, rising to about ₦1,480 per US dollar as of October 7, 2025, up from ₦1,490 over the weekend. Last week, the currency was trading at ₦1,520 per dollar.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also appreciated, closing at ₦1,464 per dollar on Monday, a ₦5 increase from the previous week’s rate of ₦1,469.

Market analysts say the recent gains are driven by higher foreign exchange inflows, increased dollar supply, and continued interventions by the Central Bank of Nigeria, including liquidity operations and the use of its matching platform. Global factors, such as a strong U.S. dollar and mixed investor sentiment, have also affected currency movements.

The upward trend provides some relief for businesses, importers, and consumers dealing with Nigeria’s ongoing currency volatility.