Naira Recovers To New Exchange Rate After Massive Fall Against US Dollar
- Naira recovered some of its loss value in the Nigerian foreign exchange market on Thursday trading
- The value of the naira had dropped significantly on Wednesday against the US dollar and other foreign currencies
- Traders expect short-term volatility to continue, but improving foreign reserves gives CBN firepower to defend the naira
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Naira strengthened slightly against the US. dollar on Thursday, November 20, reversing the previous day’s decline.
According to data from the Central Bank of Nigeria, the Nigerian currency closed at N1,452.13 per dollar on Thursday, stronger than N1,454.18 on Wednesday.
Source: Getty Images
Naira appreciates against US dollar
On Wednesday, the naira had weakened by 0.47% or N6.75 against the US dollar following pressure in the market.
Traders attributed Wednesday's fall to tightening FX liquidity and limited intervention from the apex bank.
Dealers noted that recent CBN dollar sales have typically been capped around $50 million per auction, prompting increased caution among banks and corporate buyers.
Despite constrained supply, positive sentiment has been supported by recent improvements in reserves, which touched about $46.7 billion.
The rise in reserves is thanks to recent Eurobond issuance and inflows from offshore investors, exporters and also crude oil sales.
Traders say that while slight gains in the official market were recorded on Thursday, they may not yet signal a strong trend reversal. However, expectations remain positive.
Naira against other currencies.
Thursday’s trading showed mixed performances of the naira against other major currencies in the official market.
The CBN’s daily update indicated on Thursday, the currency settled at N1,674.75 to the euro depreciating from midweek levels when the naira closed at N1,683.36 per euro.
While against the pound sterling, Thursday’s rate closed at N1,900.70, a modest improvement from Wednesday’s N1,907.89.
Source: Getty Images
Here are other exchange rates
- CFA: N2.57
- Yuan/Renminbi: N204.11
- Danish Krona: N224.19
- Euro: N1674.75
- Yen: N9.22
- Riyal: N387.18
- South African Rand: N84.38
- SDR: N1972.14
- Swiss Franc: N1801.21
- Pounds Sterling: N1900.70
- WAUA: N1974.26
Naira in the black market
It was also poor performance for the naira in the parallel market also known as the black market.
Abdullahi a BDC trader told Legit.ng that the naira fell by N10.
“We sold the dollar at N1,470 on Thursday, an increase from N1,460 previously. The pound remains at a selling rate of N1,920, and the euro at N1,888.”
FX reserves hit 7-year high
Earlier, Legit.ng reported that the CBN governor Olayemi Cardoso represented in Abuja by Deputy Governor for Economic Policy Muhammad Abdullahi has revealed that Nigeria's foreign exchange reserves climbed to $46.7 billion as of Nov. 14, 2025, the highest level in seven years.
He said the reserve level, which can cover more than 10 months of imports, reflects improving economic conditions and rising foreign appetite for Nigerian assets.
Cardoso said the gains were supported by increased crude sales, better market liquidity and policies aimed at stabilising the exchange rate.
Source: Legit.ng
