Naira maintains flat rate as external reserves rise to $43.36bn

The naira on Tuesday maintained its steady run, closing flat across segments of the foreign exchange (FX) market as Nigeria’s external reserves continued to rise.

At the end of trading, the naira depreciated marginally by ₦1.42 or 0.09%, as the dollar was quoted at ₦1,438.71 compared to ₦1,437.29 on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the Central Bank of Nigeria (CBN).

In the parallel market, also known as the black market, the local currency appreciated by ₦5 or 0.3% to close at ₦1,455 per dollar on Tuesday, stronger than ₦1,460 recorded the previous day.

Nigeria’s external reserves have maintained a steady build-up, rising to $43.36 billion as of November 10, 2025, according to the latest data from the CBN.

A report by FSDH Merchant Bank noted that Nigeria’s reserves grew from $37.8 billion in June to $42.9 billion in October 2025, reflecting increased oil receipts, multilateral inflows, and portfolio investments.

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The report added that the reserves build-up supports the CBN’s capacity to stabilise the FX market and signals stronger external buffers. Sustaining this positive trend, it said, will depend on the pace of export diversification, fiscal discipline, and developments in the global risk environment.

At the same time, Guaranty Trust Bank (GTBank)’s FX rate for international payments on its naira card closed at ₦1,444 per dollar on Tuesday, slightly higher than ₦1,442 on Monday.

GTBank recently raised the dollar spending limit on its naira cards by 500%, from $1,000 to $6,000 per quarter, following improved liquidity conditions in the FX market.

Analysts at FSDH said the naira’s stability has been supported by improved market transparency, stronger reserves, and rising FX inflows. In October 2025, the currency strengthened to around ₦1,460 per dollar, reflecting renewed confidence in the Nigerian Foreign Exchange Market (NFEM) as liquidity improved and speculative demand receded.

While short-term risks have moderated, analysts noted that maintaining exchange rate stability will require disciplined monetary policy operations and consistent communication to anchor market expectations. They projected relative stability for the naira in the fourth quarter of 2025, with potential for moderate appreciation if inflows continue.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.