The naira concluded the four-day trading week with a N14.98 gain in the official foreign exchange market, driven by sustained liquidity.

After trading on Friday, the naira appreciated by 1.02 per cent week-on-week as the dollar was quoted at N1,465.67 compared to N1,480.65 quoted last week Friday at the Nigerian Foreign Exchange Market, according to data from the CBN.

The CBN data further showed that for the four-day trading week, the naira witnessed a 0.7 percent or N10.67 appreciation, moving to N1,465.67 on Friday from N1,476.34 on Monday at the NFEM.

On a day-on-day trading account, however, the naira depreciated by 0.7 percent to N1,465.67 on Friday, down by N10.44 compared to N1,455.23 traded on Thursday at the NFEM, CBN data indicated.

In the parallel market, also known as the black market, the local currency strengthened by N35 or 2.4 per cent week-on-week to close at N1,460 per dollar on Friday, up from N1,495 per dollar last week Friday.

Daily, the naira weakened by N5 on Friday to N1,460 as against N1,455 closed on Thursday in the black market.

Meanwhile, Nigeria’s external reserves rose 2.2 percent month-on-month to $42.35 billion as of September 30, 2025, up from $41.42 billion recorded at the beginning of the month, according to data from the CBN.

The Governor of the CBN, Olayemi Cardoso, stated that recent reforms in the foreign exchange market have successfully helped restore investor confidence and boost the country’s external reserves, which now stand at over $42 billion.

Speaking at the maiden edition of the CBN’s lecture series at the Lagos Business School, Cardoso detailed the key policy changes, saying: “on foreign exchange, we introduced a willing buyer, willing seller framework and unified the multiple exchange rate windows. We also cleared the backlog of verifiable foreign exchange commitments, which has helped restore market confidence.”

He also noted deliberate steps taken by the Bank to attract diaspora inflows and investment, stating: “we created new channels to facilitate diaspora remittances and encourage investment, most notably through the Non-Resident Nigerian platform, which enables Nigerians abroad to open bank accounts seamlessly from anywhere in the world.”

Cardoso emphasized that these reforms are part of a broader strategy aimed at strengthening the economy and ensuring long-term stability in the financial markets.

The Group Chief Economist and Managing Director of Afreximbank, Yemi Kale, supported the reforms, commenting that the introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.