The Nigerian naira began the week with a slight appreciation against the US dollar in the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).
On Monday, the naira strengthened marginally to ₦1,534.21 per dollar from ₦1,534.72 recorded at the close of trading last Friday, representing a gain of ₦0.51.
However, the parallel market showed a different trend as the naira depreciated by ₦1, trading at ₦1,538 per dollar on Monday compared to ₦1,537 recorded on Friday.
The positive movement in the official market coincides with a significant increase in Nigeria's external reserves, which rose to $38.77 billion as of Friday, July 25, 2025, up from $38.63 billion recorded the previous day.
This development comes amid ongoing efforts by the CBN to stabilize the foreign exchange market and strengthen the naira against major international currencies.
Financial analysts suggest that the growth in external reserves could provide the CBN with more firepower to defend the naira and potentially lead to further appreciation in the coming weeks.
The CBN has implemented various measures in recent months to address currency volatility, including adjustments to monetary policy and interventions in the foreign exchange market.
Market observers will be watching closely to see if this positive trend continues and whether the parallel market will align with the official market in the days ahead.
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