JUST IN: Naira continues appreciation against Dollar as external reserves hit $41.57bn

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The Naira continued its upward trend against the U.S. dollar at the official foreign exchange market on Tuesday, buoyed by an increase in Nigeria’s external reserves.

Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated to ₦1,506.09 per dollar, up from ₦1,506.84 recorded on Monday. This reflects a marginal strengthening of ₦0.75 on a day-to-day basis.

At the parallel market, however, the Naira held steady at ₦1,530 per dollar, unchanged from Monday’s rate.

The CBN also disclosed that the country’s external reserves climbed to $41.57 billion as of Monday, September 8, 2025, compared to $41.54 billion recorded on September 4.

Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, the CBN Governor, Olayemi Cardoso, outlined the apex bank’s foreign reserves target.

“Nigeria is aiming to attract $1 billion in diaspora reserves by 2026,” Cardoso said.

“We are confident that with stronger remittance inflows, improved confidence in the forex market, and the right policies, we can achieve this milestone.”

He stressed that building up external buffers remained central to the CBN’s monetary strategy, noting that the stability of the Naira would continue to depend on robust reserves and sustainable forex inflows.

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