On Wednesday, September 10, 2025, 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.

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, driven by a rise in the nation’s external reserves.

Nigeria's reserves remain strong As of Wednesday, September 10, 2025, Nigeria’s reserves stood at $41.596.

Market Forces Africa quoted a senior economist from LSIntelligence Associates as saying that it would 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 showed 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 showed that crude production averaged 1.7 million barrels per day in the review period.

With crude production improving and the naira on a gaining streak, experts say Nigeria’s economy may be on the right footing.