The Naira recorded massive month-on-month appreciation
against the United States Dollar to close October on a positive note.
The Central Bank of Nigeria’s data showed that the Naira
strengthened significantly to N1,421.73 per dollar on October 31st, up from
N1,455.23 at the start of the month.
This means that the Naira gained N33.5, or 2.30 percent,
against the dollar on a month-on-month basis, among the highest uptrends since
the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by
CBN last year.
Meanwhile, at the black market, the Naira remained flat
against the Dollar at N1,485 in the period under review.
The uptrend of the naira against other foreign currencies at
official FX market comes amid the sustained surge in the country’s external
reserves.
Nigeria’s external reserves rose by 1.79 per cent to $43.17
billion on October 30th, 2025, up from $42.41 billion on October 2nd, according
to the apex bank’s data.
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