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- The Nigerian currency is on a gaining streak, recovering about N37 in the last few days
- Experts have warned dollar hoarders, saying that the naira’s gain puts them at risk of losses, as there are large volumes of USD available
- However, crude oil prices have been on a decline recently due to OPEC’s planned production increase
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
On Wednesday, September 10, the Nigerian currency rose to N1,500 per dollar as demand for the US currency reduced in the official window.
Forex market players expressed optimism that the naira will continue its rally, making dollar hoarding a risky venture in Nigeria.
Credit: Picture Alliance/Contributor
Source: Getty Images
Naira gains momentum
CBN data showed the naira closed at N1,500.91 per dollar, stronger than N1,506 the day before
However, in intraday trading, the naira climbed to N1,498 per dollar, showing strong dollar volume and availability in the FX market.
The naira exchange rate has kept its upside momentum for weeks, gaining N37 in the last 10 days.
Experts have said dollar hoarding is now a risky business in Nigeria due to the CBN’s persistent forex interventions, which have been driven by a rise in the nation’s external reserves.
Reserves remain strong
As of Wednesday, September 10, 2025, Nigeria’s reserves stood at $41.596.
Market Forces Africa quotes a senior economist from LSIntelligence Associates as saying that it will take some time for CBN to spend the amount in the reserves to defend the naira.
He said the apex bank is determined to help the naira find its value.
New data showed that Nigeria’s external reserves are closing in on the $41.6 billion mark as of Tuesday, September 9, 2025.
Crude prices slide
Amid the naira’s rally, crude oil prices have been on a slide in the global market.
Checks show that Brent crude fell by 1.64%, shedding $1.1 to sell for $64.40 as of the time of writing.
Other crude prices with price drops include:
- WTI: $62.54 per barrel
- Murban Crude $69.87 per barrel
- Bonny Light:$78.62 per barrel.
- Oil output rises
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s crude oil production hit a milestone in July.
The commission revealed that crude production averaged 1.7 million barrels per day in the review period.
Credit: NurPhoto/Contributor
Source: Getty Images
With crude production improving and the naira on a gaining streak, experts say Nigeria’s economy may be on the right footing.
Naira rally narrows FX gap to just N10
Legit.ng earlier reported that the disparity between the official and parallel markets drifted further, as the naira maintained its gains in all FX markets.
The naira exchange rate gap fell sharply as the local currency surged against the dollar.
The dollar rate declined on Tuesday, September 9, 2025, as the market expected the US Federal Reserve to reduce rates after a disappointing job report.
Source: Legit.ng
