Figures published by the apex bank show that the naira closed at N1,526.06/$1, a slight appreciation from Monday’s N1,526.09/$1, representing a marginal gain of 0.03 percent.
At the parallel market, however, the exchange rate held steady at N1,533/$1, unchanged from the previous day, according to bureau de change operators in Abuja.
The latest performance comes amid renewed debate over Nigeria’s currency reforms. Presidential spokesperson Bayo Onanuga, responding to criticism from the opposition African Democratic Congress (ADC), argued that the dollar “is no longer king to the naira,” insisting that ongoing reforms have strengthened the local currency.
Meanwhile, the CBN’s external reserves data show a steady build-up in Nigeria’s dollar buffers. Reserves stood at $41.42 billion as of September 1, 2025, compared to $41.22 billion on August 29, 2025, reflecting improved inflows in recent days.
Analysts say the modest appreciation, though symbolic, highlights the impact of tighter monetary policies and increased foreign exchange supply by the central bank. Still, the wide gap between the official and black market rates underscores continuing pressure in the FX market.