Business
Naira Records First Appreciation Against the Dollar in a Week
The Naira posted its first gain against the US dollar in a week at the official foreign exchange market on Thursday, signaling a modest recovery for the local currency.
According to the Central Bank of Nigeria (CBN), the Naira strengthened slightly to ₦1,535.78 per dollar on Thursday, up from ₦1,536.73 on Wednesday. This marks a marginal appreciation of ₦0.95, or 0.062%, its first gain since Friday, 15th August 2025
At the black market, the Naira remained stable at ₦1,550 per dollar, unchanged from the previous day.
The uptick coincides with a continued rise in Nigeria’s external reserves, which reached $41.05 billion as of Wednesday, 20th August 2025, up from $38.25 billion a month earlier.
Analysts note that the Naira’s first weekly gain could signal the start of a more stable trend for the currency, potentially boosting investor confidence and easing pressure on foreign exchange markets.
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