Naira appreciates against dollar on official market

The naira appreciated significantly against the dollar at the official foreign exchange market to begin the week on a bullish note.

The Central Bank of Nigeria’s exchange data showed the naira recorded a significant change to N1, 529.71 per dollar on Monday, from N1, 539.24 traded on Friday last week.

This means that the naira strengthened by N9.53 against the dollar when compared to the N1,539.24 it exchanged for on Friday.

Meanwhile, on the black market, the country’s currency remained stable at N1, 570 per dollar on Monday, the same exchange rate traded at the close of work last week.

This development comes as Nigeria’s external reserves shed $3.5 billion within the first half of 2025. This is because the external reserves dropped to $37.369 billion on June 26, 2025, down from $40.877 billion at the close of last year.

Recall that on Friday, the naira dropped at the official foreign exchange market but appreciated at the parallel foreign exchange market.