Naira Records First Appreciation in a Week at Official Market

The Naira staged a slight recovery against the U.S. dollar on Thursday, marking its first gain at the official foreign exchange market since Friday, August 15, 2025.

Figures released by the Central Bank of Nigeria (CBN) showed the local currency trading at ₦1,535.78/$1 on Thursday, an improvement from ₦1,536.73/$1 recorded the previous day. This reflects a marginal day-to-day appreciation of ₦0.95 or 0.062 percent.

At the parallel (black) market, however, the exchange rate remained unchanged at ₦1,550/$1, the same level it closed at on Wednesday.

The mild strengthening of the Naira coincides with an increase in Nigeria’s external reserves, which climbed to $41.05 billion as of Wednesday, August 20, 2025. This represents a notable rise from the $38.25 billion balance recorded on July 21, 2025.

Analysts suggest that the improvement in reserves, coupled with CBN’s interventions, may be providing some support to the currency. However, they caution that sustaining the momentum will depend on consistent policy measures and improved foreign exchange inflows.