Naira records massive appreciation against US dollar on month-on-month basis

The Naira recorded massive month-on-month appreciationagainst the United States Dollar to close October on a positive note. The Central Bank of Nigeria’s data showed that the Nairastrengthened significantly to N1,421.73 per dollar on October 31st, up fromN1,455.23 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 sincethe introduction of the Electronic Foreign Exchange Matching System (EFEMS) byCBN last year. Meanwhile, at the black market, the Naira remained flatagainst the Dollar at N1,485 in the period under review. The uptrend of the naira against other foreign currencies atofficial FX market comes amid the sustained surge in the country’s externalreserves. Nigeria’s external reserves rose by 1.79 per cent to $43.17billion on October 30th, 2025, up from $42.41 billion on October 2nd, accordingto the apex bank’s data.

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