Naira Extends Winning Streak, Gains for Third Straight Day at Official Market

|By Babatunji Wusu

The Naira sustained its upward momentum on Wednesday, marking its third consecutive day of gains against the United States dollar at the official foreign exchange market.

Fresh data from the Central Bank of Nigeria showed the local currency inched up to ₦1,463.44/$1 from ₦1,463.45/$1 recorded on Tuesday — a modest ₦0.01 day-on-day appreciation. However, the bigger picture reflects a stronger rally: the Naira has now gained ₦11.91 against the dollar since Friday, October 17, 2025.

At the parallel market, the currency held steady at ₦1,500/$1 for the second day running, according to FX trader Abubakar Alhasan.

Meanwhile, Nigeria’s external reserves climbed to $42.79 billion as of October 20, 2025, signalling renewed confidence and potential support for further FX stability.