The naira appreciated significantly against the United States dollar at the official foreign exchange market after Nigeria’s Independence Anniversary holiday on Thursday.

Data from the Central Bank of Nigeria showed that the naira strengthened to N1,455.24 on Thursday, up from N1,475.35 traded on Tuesday.

This means that the naira gained N20.11 against the dollar on Thursday compared to the N1,475.35 exchanged at the close of trading before Wednesday’s holiday.

Similarly, at the black market, the naira firmed by N5 to N1,485 on Thursday from N1,490 on Tuesday.

This indicates positive sentiment across FX markets on Thursday and further shows that the gap between the official and parallel foreign exchange markets has continued to narrow.

The development comes as Nigeria’s external reserves surged to $42.33 billion as of September 29, 2025.

President Bola Ahmed Tinubu, during his Independence Anniversary broadcast, said the naira has stabilised, noting that the country’s currency exchange rate is no longer determined by crude oil price fluctuations.