Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to ₦1,447.43 per dollar, up slightly from ₦1,448.03 on Monday. This represents a daily appreciation of ₦0.60, signaling a minor but notable improvement in the Naira’s value.
Despite the slight uptick at the official market, the Naira remained stable on the black market, exchanging at ₦1,465 per dollar, unchanged from the previous day.
Analysts suggest that the modest gain could be influenced by the country’s rising foreign reserves, which provide the central bank with more capacity to stabilize the currency. According to CBN data, Nigeria’s reserves stood at $43.97 billion as of November 17, 2025.
Earlier in the week, CBN Governor Olayemi Cardoso highlighted a record increase in reserves, noting that the country’s foreign reserves had reached a seven-year high of $46.7 billion as of November 14, signaling a stronger buffer against external shocks.
Economists say that while the Naira’s appreciation is modest, it reflects underlying stability in foreign exchange inflows and could support gradual strengthening if current trends continue.