The Naira skilled its most secure buying and selling interval in months throughout September 2025, constantly staying beneath the N1,500 per greenback threshold for over two weeks.
Based on newest figures revealed on the Central Bank of Nigeria (CBN) web site, the foreign money closed at N1,478/$1 on September 30, marking a major rally from its opening fee of N1,527.9/$1 on September 1.
A breakdown of the month’s efficiency exhibits a gentle pattern of appreciation within the latter half of September.
On September 15, the Naira traded at N1,495/$1, falling beneath the N1,500/$1 barrier for the primary time within the month.
From that time onward, the information exhibits, the foreign money sustained momentum, closing at N1,486.8/$1 on September 24, N1,485/$1 on September 25, N1,480/$1 on September 26, and N1,480.15/$1 on September 29, earlier than lastly strengthening additional to N1,478/$1 on September 30.
Month-on-month performances
The foreign money’s trajectory in September stands out in comparison with earlier months.
Information from the CBN present that the Naira closed December 2024 at N1,535/$1, earlier than appreciating barely in January 2025 to N1,475/$1 — its strongest month-to-month closing to date this yr.
Nonetheless, February noticed a light reversal to N1,500/$1, adopted by a depreciation to N1,537/$1 in March, and additional weakening to N1,602/$1 in April. Could 2025 turned out to be the Naira’s worst-performing month, closing at N1,585.5/$1.
The pattern shifted in June when the Naira strengthened barely to N1,532/$1, adopted by N1,534/$1 in July, and N1,531/$1 in August.
The September closing fee of N1,478/$1 subsequently marked the strongest efficiency since January and signaled a renewed sense of stability within the international trade market.
Regardless of January holding the file for the most effective month-to-month shut this yr, it’s price noting that the majority buying and selling days that month nonetheless hovered above N1,500/$1. Solely on January 30 and 31 did the Naira file N1,475/$1 and N1,493/$1 respectively.
In distinction, September supplied a extra sustained stretch of sub-N1,500/$1 buying and selling, demonstrating its stability and resilience within the second half of the month.
Overseas reserves efficiency
Through the month below overview, the exterior reserves surpassed the $42 billion mark, rising to $42.3 billion as of September 29, 2025, the very best in over six years.
Based on the CBN knowledge, the nation’s exterior reserve has elevated by over $692 million in 18 days. It additionally exhibits that the reserve has been on an upward swing for the reason that 14th of July 2025.
The closest the exterior reserve has gotten to the current determine was on September 27, 2019, when it hit $41.992 billion.
The CBN Governor Olayemi Cardoso, talking after the MPC assembly on September 22, attributed this to rising confidence pushed by reforms, elevated transparency, and the adoption of a extra market-oriented trade fee regime.
He highlighted the CBN’s overarching financial coverage goal of taming inflation and driving it all the way down to single digits a objective that is still non-negotiable regardless of mounting political pressures because the nation approaches the 2026 pre-election interval.
“Change fee stability is vital. If we’re going to proceed to reasonable inflation the best way we have now, trade fee stability is vital. Fiscal self-discipline is vital,” Cardoso mentioned.
The governor reassured traders and the general public that the CBN stays targeted on preserving the hard-won macroeconomic stability achieved in current months and signaled a continuation of vigilant, data-driven coverage enforcement.
What it’s best to know
In September, CBN diminished the MPR by 50 foundation factors, decreasing it from 27.5 p.c to 27 p.c.
Alongside the MPR minimize, the MPC narrowed the uneven hall across the benchmark fee to +250 and -250 foundation factors, from the earlier +500/-100 foundation factors.
The Committee retained CRR for business banks at 45 p.c, whereas that of service provider banks was set at 16 p.c.
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