It was a good day for the Naira in the parallel market window of the foreign exchange (FX) market on Thursday as its value firmed up by N20 against the US Dollar, trading at N1,560/$1 compared with the preceding session’s rate of N1,480/$1.
This was a spill over from the official market, also known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the Nigerian currency further gained N20.11 or 1.36 per cent against its American counterpart to sell for N1,455.24/$1, in contrast to Tuesday’s closing price of N1,475.35/$1.
Equally, the local currency appreciated against the Pound Sterling at the spot market yesterday by N23.50 to trade at N1,956.42/£1 versus N1,979.92/£1, and improved against the Euro by N22.56 to close at N1,706.99/€1 compared with the previous trading day’s N1,729.55/€1.
As for GTBaank, one of the authorised dealers of the Central Bank of Nigeria (CBN), its Naira-Dollar exchange rate was N1,475/$1 compared with the previous session’s rate of N1,485/$1.
The recent appreciation of the Naira has been fuelled by improved FX inflows and steady interventions by the central bank.
There are expectations that this will continue slightly in the coming week, supported by the central bank’s Dollar sales and subdued foreign-currency demand.
Traders also pointed out easier funding conditions are helping to reduce pressure on liquidity, while analysts pointed out that rising reserves continue to lend the CBN some room to manoeuvre.
At the last Monetary Policy Committee (MPC) meeting in September, the Governor of the apex bank, Mr Yemi Cardoso announced that gross external reserves remained robust at $43.05 billion (as of September 11, 2025), compared with $40.51 billion at end-July 2025.
Meanwhile, the cryptocurrency market witnessed price appreciation, with Binance Coin (BNB) growing by 6.1 per cent to $1,098.14 and Solana (SOL) expanding by 3.2 per cent to $231.39.
Further, Ripple (XRP) inxreased by 1.9 per cent to $3.02, Ethereum (ETH) jumped by 1.5 per cent to $4,483.66, Bitcoin (BTC) rose by 1.3 per cent to $120,064.57, Dogecoin (DOGE) advanced by 0.9 per cent to $0.2572, and Cardano (ADA) leapt by 0.7 per cent to $0.8620, while Litecoin (LTC) slipped by 1.2 per cent to $117.01, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) trading flat at $1.00 each.