Bureau De Change Operators and business specialists have attributed the spectacular displaying of the Nigerian foreign money in September to a mixture of Central Bank of Nigeria (CBN) coverage tightening, renewed investor confidence, and the rising function of fintech in deepening transparency and lowering speculative demand for overseas trade.
Naira recorded its strongest stretch of performances in current months in September 2025 — a interval some foreign money merchants and economists have described as a “Naira increase.”
Talking with Nairametrics, the president of the Affiliation of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, described the month’s efficiency as exceptional.
“So, Naira carried out higher at N1,400/$1 from its lowest degree within the area of N1,500/$1, propelled by a number of elements,” he mentioned.
Based on him, the improved efficiency was partly because of elevated crude oil manufacturing, stronger funding in each upstream and downstream sectors, and tighter administration of greenback demand.
“We not see a vibrant ‘black market’ for {dollars}. The demand for {dollars} has dropped considerably — each fictitious and speculative.
“Persons are not shopping for {dollars} simply to carry. Many Nigerians now have naira liquidity, and fintech platforms have made transactions simpler with out the necessity for domiciliary accounts,” he defined.
Gwadabe attributed a part of the success to the CBN’s integration of fintech programs and the Non-Resident {Bank} Verification Quantity (NRBVN) framework, which has unified identification verification throughout the banking sector.
“The NBVN unified registration quantity now connects people’ BVNs, names, and company RC numbers. There’s even a portal capturing non-residents. These improvements are boosting compliance, transparency, and tax obligations underneath the brand new {financial} belongings tax regulation,” he famous.
He added that Nigeria’s efforts to exit the {Financial} Motion Process Drive (FATF) gray checklist have additionally improved the nation’s picture amongst traders.
“Nigeria ready severely for the FATF evaluation, and the decision coming in October 2025 is predicted to be constructive. This can open up alternatives for overseas traders and worldwide {financial} establishments,” he mentioned, praising the Nigerian {Financial} Intelligence Unit (NFIU) and different stakeholders for his or her efforts.
“And like I’ve mentioned, funding in crude oil – upstream and downstream, think about now we now have 1.8 million barrels. Import availability. We not see ‘black market’. It’s a very good one.
“There’s actually low demand for the greenback. If you speak of demand, you speak of fictitious demand. You additionally speak of real demand for the greenback. By this, I imply, individuals are not shopping for {dollars} to maintain.”
The ABCON president mentioned larger oil output, now round 1.8 million barrels per day, coupled with elevated income flows and excessive rates of interest, have additionally helped stabilize the foreign money.
“These measures are bettering investor confidence and lowering inflationary pressures. The federal government advantages essentially the most, as the upper trade fee nonetheless generates income whereas sustaining market stability,” Gwadabe mentioned.
One other BDC operator, Abubakar Ardo, mentioned, “To begin with, the CBN injected extra {dollars} into the market via banks and BDCs. That transfer, I consider, helped scale back panic shopping for and hoarding.”
He added, “One other issue that seems to have helped is the rise in diaspora remittances. September is often the back-to-school season, and lots of Nigerians overseas ship cash house to assist their households and pay faculty charges. This elevated greenback provide for each BDCs and business banks.”
An economist on the College of Abuja, Dr. Eugene Eke, mentioned, “From my perspective, the naira’s relative energy in September 2025 will be attributed to a convergence of financial, fiscal, and exterior elements that improved each overseas trade liquidity and market confidence.”
He defined that nearer coordination between the Ministry of Finance and the CBN helped align fiscal and financial coverage actions, thereby lowering uncertainty within the FX market.
“Statements from the Coordinating Minister of the Financial system, Mr. Wale Edun, concerning improved TSA compliance and better fiscal transparency additionally boosted investor sentiment,” he added. “The notion of a extra disciplined fiscal setting helped scale back speculative assaults on the foreign money.”
Analysts say the sustained implementation of fintech-enabled monitoring programs, constant CBN liquidity injections, and rising oil output might hold the Naira steady via the final quarter of 2025, if coverage self-discipline and investor confidence stay intact.
“October would be the actual take a look at,” Gwadabe concluded. “If these improvements and tight insurance policies proceed, the Naira’s restoration is not going to simply be a one-month miracle however the begin of a sustainable pattern.”
The Naira skilled its most steady buying and selling interval in months throughout September 2025, persistently staying beneath the N1,500 per greenback threshold for over two weeks.
Based on the most recent figures revealed on the Central Bank of Nigeria (CBN) web site, the foreign money closed at N1,478/$1 on September 30, marking a big rally from its opening fee of N1,527.9/$1 on September 1.
Regardless of January holding the report 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 report 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.
Additionally, in September, 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.
Alongside the MPR reduce, the MPC narrowed the uneven hall across the benchmark fee to +250 and -250 foundation factors, from the earlier +500/-100 foundation factors.
Alongside the MPR reduce, the MPC narrowed the uneven hall across the benchmark fee to +250 and -250 foundation factors, from the earlier +500/-100 foundation factors.
