The naira continued its positive rally yesterday, exchanging at N1,455 to the dollar in the Nigeria Foreign Exchange Market (NFEM), with unofficial market rates hovering between N1,460 and N1,470. The surge is backed by rising external reserves, which hit $43.05 billion, and a sharp decline in speculative foreign exchange activities.
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Analysts attribute the naira’s rebound the strongest in the year to the Central Bank of Nigeria’s (CBN) ongoing reforms, improved liquidity injections, and tightening measures against speculation, which have narrowed the gap between official and parallel market rates.
CBN Governor Olayemi Cardoso, at last week’s Monetary Policy Committee meeting, confirmed that gross reserves rose from $40.51 billion in July to $43.05 billion by September 11, providing an import cover of 8.28 months. He also disclosed that Nigeria recorded a $5.28 billion current account surplus in the second quarter of 2025, compared to $2.85 billion in the first quarter.
Currency dealers report that many Bureaux De Change (BDC) operators incurred losses after selling dollars below purchase rates as the exchange rate gap tightened. Garuba Sarki, a trader in Lagos, said, “This is expected to continue in the weeks ahead, especially with expected dollar inflows that will help strengthen the naira.”
Commercio Partners analysts echoed this optimism, citing stronger reserves, reduced speculative activity, and rising investor inflows. “Nigeria’s rising external reserves are reflecting a healthier external position. With reserves strengthening and oil earnings supporting inflows, the naira’s rally has a firmer foundation compared to past cycles,” said Ifeanyi Ubah, Head of Research at the firm.
Despite the gains, some experts warn that sustaining the rally will depend on the government’s discipline in managing macroeconomic policies, boosting crude oil output, and diversifying exports. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), stressed that policies such as the recently launched Foreign Exchange Code (FX Code) have been crucial in curbing speculation.
“The FX Code entrenches transparency and accountability in the market. The era of opaque practices is over,” Cardoso had declared at its unveiling, warning that violations would attract penalties under the CBN Act and BOFIA Act.
In a bid to increase diaspora remittances, the CBN introduced two new products—the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account. These are designed to streamline remittances, allow foreign currency and naira holdings, and encourage investment in Nigeria’s financial markets.
Remittances, already a key contributor to Africa’s economy, are expected to grow significantly. In 2023, the continent received $90 billion in inflows from its diaspora. Western Union’s Regional Vice President for Africa, Mohamed Touhami el Ouazzani, described remittances as “seeds of change,” vital for supporting families and building long-term financial stability.
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