Business
Naira Weakens Against Dollar in Official, Black Markets
The Nigerian naira opened the week on a downward trend, losing value against the U.S. dollar across both official and parallel foreign exchange markets on Monday.
Data from the Central Bank of Nigeria (CBN) shows the naira closed at ₦1,535.93/\$at the official market, down from ₦1,533.56/\$ recorded last Friday — a depreciation of ₦2.37.
In the black market, the currency also weakened, falling by ₦5 to ₦1,570/\$ from ₦1,565/\$ at the end of last week.
Despite the dip in the exchange rate, CBN figures indicate Nigeria’s external reserves rose to $40.29 billion as of August 8, 2025, marking continued growth.
The latest decline follows last Friday’s brief appreciation, which was partly attributed to the boost in external reserves.
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