The Nigerian naira started the week on a positive trajectory in the official foreign exchange market, strengthening significantly to N1,529.71 against the US dollar.
According to data from the Central Bank of Nigeria, the local currency closed at N1,529.71 per dollar on Monday, marking a substantial rise from N1,539.24 recorded last Friday.
This reflects a gain of N9.53, underscoring a positive shift in the naira’s value compared to the previous week’s close.
However, activity in the parallel market painted a steadier picture. The naira maintained its ground at N1,570 per dollar, the same rate it exchanged for at the close of the previous week.
The improved showing at the official window comes amid a concerning trend in Nigeria’s external reserves, which declined by $3.5 billion in the first half of 2025.
As of June 26, 2025, reserves had dropped to $37.369 billion, down from $40.877 billion at the end of 2024.
It’s worth recalling that while the naira weakened at the official window on Friday, it had gained some ground in the parallel market.
