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The naira extended its upward momentum against the dollar in the official market on Friday, buoyed by a surge in Nigeria’s external reserves, which climbed to $40.16 billion as of 7 August 2025 — the highest level since July.
Fresh figures from the Central Bank of Nigeria (CBN) revealed a slight improvement in the official exchange rate, with the Nigerian currency firming to ₦1,533.57 per dollar, compared to Thursday’s ₦1,533.73. This represents a modest day-on-day gain of 16 kobo.
In contrast, the parallel market showed no movement, as the naira held steady at ₦1,565 per dollar — mirroring Thursday’s rate.
The latest reserves milestone follows CBN Governor Olayemi Cardoso’s July confirmation that Nigeria’s foreign holdings had risen to $40.11 billion, up from $39.99 billion as of 6 August 2025.
Over the past week, the naira has posted more wins than losses, signalling a cautious but noticeable improvement in market sentiment.
