The naira, on Thursday, appreciated sharply against the dollar in the official foreign exchange (FX) market, hitting a new all-time high of N1,436.97 per dollar, its strongest level since the commencement of trading on the Electronic Foreign Exchange Matching System (EFEMS). This marks the third consecutive day of gains for the local currency.

Data from the Central Bank of Nigeria (CBN) showed that the latest rate represents a significant appreciation of N224.15 or 15.59 percent when compared to the N1,661.12 per dollar quoted in December 2024 at the Nigerian Foreign Exchange Market (NFEM).

On a daily basis, the naira also strengthened by 0.52 percent from N1,444.42 quoted on Wednesday at the EFEMS.

In the parallel market, popularly known as the black market, the naira appreciated by N20 or 1.4 percent to close at N1,460 per dollar on Thursday, stronger than N1,480 recorded on the previous day.

Similarly, FX rates for international payments on commercial bank naira cards also reflected the currency’s positive performance. GTBank quoted an exchange rate of N1,453 per dollar on Thursday, down from N1,460 the previous day, noting that “the dollar limit on your naira card is $4,000 per quarter and this rate is subject to change in line with prevailing market conditions.”

United Bank for Africa (UBA) also informed its customers that “today’s FX rate for your UBA naira card is N1,460. Please note, this rate is valid on 30-10-2025 and is updated throughout the day based on market conditions. Please check before making international payments.”

Speaking on recent developments in the FX market, Muhammad Sani Abdullahi, deputy governor, Economic Policy at the CBN, said at the IMF/World Bank annual meetings in Washington D.C. that the apex bank has implemented strong measures to curb speculative activities and entrench transparency in the market. According to him, the CBN has introduced an FX code of conduct and is working on a revised FX manual to ensure best practices.

“Over the last two years, we’ve focused on improving FX flows into the economy, and we’ve seen a significant increase. Average net flows between January 2023 and July 2025 have doubled. FX supply at the official window has improved substantially, supported by order-based quotation, reforms around remittances, and the clearance of backlogs and outstanding obligations,” Abdullahi said.

He added that capital flows, which had collapsed by over 75 percent between 2019 and 2020, have rebounded strongly, helping to strengthen Nigeria’s external position. “We now have deeper, more functional, and transparent financial markets,” he stated. (BusinessDay)