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