The naira has extended its rally this week, gaining 1.48% in the parallel market also known as the black market.

Traders quoted the dollar exchange rate at N1,488 per dollar an improvement from the previous rates of N1,510.

At the official window, the naira also appreciated by 1.02% in one week to N1,465.68 per dollar recorded on Friday, October 3.

Naira to dollar exchange rate

Exchange rate on Friday was however a drop from the previous day.

The Nigerian currency depreciated against the dollar in the official market by N10.44 or 0.72% on Friday when compared to the previous day’s N1,455.24/$1.

Equally, the local currency depreciated against the pound sterling in the spot market during the session by N16.09 to sell for N1,956.42/£1 versus N1,979.92/£1, and lost N13.86 against the Euro to close at N1,720.85/€1 compared wtih the preceding day’s N1,706.99/€1.

However, at the bank, the exchange rate of the naira to the dollar appreciated by N10, especially at GTBank, to quote at N1,460/$1 compared with the previous session’s rate of N1,475/$1.

Market participants expect to stabilise the naira between N1,480 and N1,500 if the Central Bank of Nigeria continued its interventions and increase forex inflows from other sources.

Naira ranking among African currencies

Meanwhile, a Forbes currency calculator ranked the Nigerian naira as the ninth weakest currency in Africa for September 2025, despite recent gains and a slowdown in inflation.

According to Forbes, which uses real-time data from the Open Exchange Rates API, the weakest currencies in Africa are led by the São Tomé & Príncipe Dobra (22,282 per $1), Sierra Leonean Leone (20,970 per $1), and Guinean Franc (8,680 per $1).

The naira, at ₦1,490 per dollar, sits just above the Rwandan franc (₣1,448 per $1).

Conversely, the Tunisian dinar (2.90 per $1), Libyan dinar (5.40 per $1), Moroccan dirham (9.91 per $1), Ghanaian cedi (12.31 per $1), and Botswanan pula (14.15 per $1) ranked as Africa’s strongest currencies.