Nigerian Naira Strengthens Against Dollar, CBN Cuts Interest Rate - Latest Updates

The Nigerian Naira appreciated against the US Dollar as a billionaire predicted a new exchange rate by December. On September 24, 2025, the Naira gained 36 kobo against the Dollar in the Nigerian Foreign Exchange Market, closing at 1 USD to 1 NGN.

The Naira also strengthened against the Pound Sterling and Euro. The Central Bank of Nigeria (CBN) maintained intervention policies to support the Naira, narrowing the gap between official and parallel market rates.

Additionally, the CBN cut the benchmark interest rate by 50 basis points, the first reduction since 2020. Governor Yemi Cardoso revealed that Nigeria's external reserves had increased to $43 billion, the highest level in recent years.