The Nigerian naira remained flat against the US dollar across both official and parallel foreign exchange markets as August trading commenced on Friday.
According to data from the Central Bank of Nigeria (CBN), the naira held steady at approximately N1,533 per dollar in the official market on Friday, maintaining the same rate recorded on Thursday.
Similarly, in the parallel market (also known as the black market), the naira closed at N1,560 per dollar, unchanged from the previous day's rate.
This stability follows Thursday's positive performance when the naira bounced back against the dollar in the official foreign exchange market.
A month-on-month analysis reveals that the naira has depreciated by N3.97 compared to the N1,529.58 traded on July 1, 2025, indicating a slight weakening over the past month despite the current stability.
The CBN data further revealed that Nigeria's external reserves stood at $39.36 billion as of July 30, 2025, a figure that plays a crucial role in the apex bank's ability to defend the naira in the foreign exchange market.
Financial analysts are closely monitoring the naira's performance at the beginning of August, particularly as the country continues to implement various economic policies aimed at stabilizing the currency.
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