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The naira began the week on a positive note, appreciating against the US dollar at the official foreign exchange market on Monday, supported by a continued uptick in Nigeria’s external reserves.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at ₦1,531.95 per dollar, marking a ₦1.79 gain compared to the ₦1,533.74 recorded at the close of trading last Friday.
In contrast, the naira held steady at the parallel market, maintaining an exchange rate of ₦1,560 per dollar — the same level seen on Friday.
The appreciation comes as Nigeria’s foreign reserves continued their modest upward trend, rising to $39.54 billion as of August 1, 2025. This reflects an increase from the $39.36 billion reported just two days earlier on July 30.
