The Nigerian Naira saw a major improvement against the US Dollar in October, closing the month stronger in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira appreciated from ₦1,455.23 per dollar at the beginning of the month to ₦1,421.73 at the end of October.

This marks an increase of ₦33.50, representing a 2.30% rise — one of the strongest monthly performances since the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) last year. The improvement signals growing stability and confidence in Nigeria’s currency.

However, the story was different in the black market, where the Naira held steady at around ₦1,485 per dollar throughout the month. This suggests that while the official market experienced positive movement, parallel market pressures remain.

Analysts link the Naira’s official market recovery to Nigeria’s rising foreign reserves. CBN records show that external reserves increased by 1.79% — from $42.41 billion on October 2 to $43.17 billion on October 30. Stronger reserves typically improve the country’s ability to support its currency and meet foreign exchange demands.

With continued reserve growth and tightening monetary policies, experts believe the Naira could see more progress in coming months — but caution that sustained economic reforms and FX supply stability remain key to long-term strength.