Business
Naira Records First Depreciation Against Dollar This Week at Official FX Market
The Naira on Wednesday, July 30, 2025, recorded its first depreciation against the US Dollar at the official foreign exchange market since the start of the trading week. Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened slightly to N1,534.52 per dollar, compared to N1,533.18 recorded on Tuesday, marking a day-to-day drop of N1.34.
This minor decline ends a brief streak of stability for the Naira at the official window. However, the parallel market showed no movement, with the Naira holding steady at N1,545 per dollar for the second consecutive day.
The depreciation came despite a modest rise in Nigeria’s foreign reserves, which climbed to $39.27 billion on July 29, up from $39.14 billion the previous day, according to CBN figures.
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