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Naira Strengthens to ₦1,475/$ in Parallel Market, ₦1,427.5/$ Officially
The naira appreciated to ₦1,475/$ in the parallel market and ₦1,427.5/$ officially, while Nigeria’s foreign reserves rose by $270 million to $43.17 billion, according to CBN data.
The naira appreciated further on Friday, trading at ₦1,475 per dollar in the parallel market, up from ₦1,489 per dollar recorded on Thursday.
Similarly, the local currency strengthened in the Nigerian Foreign Exchange Market (NFEM) to ₦1,427.5 per dollar, compared to ₦1,431 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN).
This represents a ₦3.5 gain for the naira in the official window, even as the exchange rate gap between the parallel and official markets widened to ₦47.5 per dollar, from ₦38 per dollar on Thursday.
Throughout the week, the naira appreciated steadily across both markets, gaining ₦25 against the dollar at the official window and ₦16 in the parallel market.
Meanwhile, the CBN’s latest data revealed a rise in the country’s gross foreign exchange reserves, which increased by over $270 million (0.6%) within a week — from $42.9 billion on October 24, 2025, to $43.17 billion as of October 30, 2025.
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