Nigeria’s currency continued its upward trend on Tuesday as the naira gained strength against the US dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira appreciated to N1,448.20 per dollar, improving from N1,452.79 recorded on Monday. This means the currency strengthened by N4.59 in one day, showing steady progress in the forex market.

However, while the official market saw gains, the black market remained unchanged. The naira traded at N1,485 per dollar, the same rate recorded the previous day. This stability shows that although the official rate is improving, pressure still exists in the informal currency market.

Meanwhile, Bureau De Change (BDC) operators have expressed frustration regarding their access to foreign exchange. The Association of Bureaux De Change Operators of Nigeria complained that its members have not received enough dollar supply, despite Nigeria’s rising external reserves.

Latest CBN figures show that the country’s foreign reserves rose to $42.86 billion as of October 22, 2025. Despite this growth, BDC operators argue that they have been left without adequate access to forex, which affects their ability to meet customer demand and compete with the official market.

As the naira continues to strengthen, analysts believe that improving dollar supply to BDCs may help stabilize the market further. For now, Nigerians and market watchers are keeping a close eye on the currency as government policies continue shaping foreign exchange dynamics.