Business
Naira Strengthens Against Dollar as External Reserves Rise
The naira opened the week on a positive note, appreciating against the US dollar at the official foreign exchange market on Monday. According to data from the Central Bank of Nigeria, the local currency strengthened to N1,531.95 per dollar, an improvement from the N1,533.74 recorded at the close of trading on Friday. This marks a gain of N1.79.
In contrast, the exchange rate at the parallel market remained unchanged, with the naira trading at N1,560 per dollar, mirroring Friday’s rate.
The currency’s modest recovery comes amid a continued rise in Nigeria’s external reserves, which increased to $39.54 billion as of August 1, 2025, up from $39.36 billion on July 30. The upward trend in reserves is seen as a positive indicator for the country’s foreign exchange stability.
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