The Exchange Rates data from the Central Bank of Nigeria (CBN) revealed that the Naira appreciated to ₦1,500.92 per US Dollar in the official market on September 10, 2025. This marked the highest appreciation of the Naira since March 5, 2025 (approximately 6 months ago), when it stood at ₦1,500.8 per US Dollar.
This is according to a Nigerian Economic Update report in its Issue 35.
This appreciation coincides with a rapid increase in Nigeria’s foreign reserves, which surged to a 44-month high of $41 billion on August 19, 2025.
Since that date up until September 9, 2025, the country’s reserves have increased by 1.5% (approximately $0.6 billion).
The continued growth in reserves is a clear indicator of enhanced economic stability and has played a significant role in the recent appreciation of the local currency.
To achieve greater stability for the Naira, there is a need to boost foreign reserves by increasing both oil and non-oil receipts, as well as reducing the country’s over dependence on imports.
Increasing oil receipts requires critical investments in infrastructure and effective measures to curb oil theft and vandalism.
On the other hand, boosting non-oil receipts depends on strong export promotion strategies, such as providing tax incentives for exporters, improving key infrastructure (ports, electricity, and transportation), and digitising trade processes to enhance efficiency.
