Naira Appreciates at Official FX Window Despite Pressure on Reserves

The naira began the week on a positive note, appreciating against the dollar in the official foreign exchange market. Data from the Central Bank of Nigeria revealed that the naira strengthened to N1,529.71 per dollar on Monday, an improvement of N9.53 from the N1,539.24 recorded last Friday.

In contrast, the exchange rate on the black market remained steady, with the naira trading at N1,570 per dollar—the same rate as the previous week’s close.

The slight rebound in the official market comes amid pressure on Nigeria’s external reserves, which fell by $3.5 billion in the first half of 2025. As of June 26, the reserves stood at $37.369 billion, down from $40.877 billion at the end of 2024.

Last Friday, the naira had weakened at the official window but showed gains in the parallel market, highlighting ongoing volatility in Nigeria’s foreign exchange landscape.