Naira Extends Gains as External Reserves Climb to $42.79bn

|By Babatunji Wusu

Nigeria’s naira strengthened further against the United States dollar on Tuesday at the official foreign exchange market, extending its positive run for the second consecutive session.

Data from the Central Bank of Nigeria showed the naira closed at N1,463.45 per dollar, firmer than N1,465.29 recorded on Monday — gaining N1.8 in 24 hours.

However, the currency held flat at N1,500 per dollar on the parallel market, unchanged from the previous day.

The sustained rebound coincided with a fresh rise in Nigeria’s external reserves, which climbed to $42.79 billion as of October 20, 2025, up from $42.69 billion on October 17, signaling improved dollar liquidity and potential support for continued currency stability.

The naira had opened the week on a strong note, rallying significantly against the dollar on Monday at the official window.