Naira Rises To N1,500/$ At Official Market

The Nigerian naira has appreciated against the U.S. Dollar for the third consecutive time within the week at the official foreign exchange market.

According to the Central Bank of Nigeria (CBN) data, the naira rose to N1,500.91 at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, 10 September. This reflects  N5.18 gain when compared to N1,506.09 per dollar recorded on Tuesday.

The naira began the week on a positive note, appreciating to N1,506.84 per dollar on Monday, 8 September, from N1,514.86 recorded on the last day of trading at the official market last week.

It rose slightly by N0.76 to N1,506.08 on Tuesday, 9 September.

The local currency remained stable at N1,530 per dollar at the black market on Wednesday, the same rate recorded since Monday.

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This comes as Nigeria’s external reserves have continued to surge in recent times. As of 9^th September 2025, the reserves stood at $41.59 billion, the highest in four years.

The naira has experienced a significant decline in the last two years. The CBN has adopted a couple of measures to stabilise the local currency.  The apex bank has continued to intervene in the market by selling dollars to authorised FX dealers to boost liquidity and stabilise the naira.