The naira ended the week on a slightly weaker note in the parallel market, trading at N1,560/$1 on Friday.
This is against N1,555/$1 recorded on Thursday and Wednesday, according to data obtained from market sources by Nairametrics.
Earlier in the week, the currency traded at N1,560/$1 on Tuesday and N1,565/$1 on Monday.
Data tracked by Nairametrics indicates that despite Friday’s slight dip, the naira performed better week-on-week in the black market, having closed last week at N1,570/$1.
The official market paints a slightly different picture for the naira as it recorded marginal gains during the week.
Data from the Central Bank of Nigeria (CBN) reveal that the naira closed at N1,534/$1 on Thursday, strengthening slightly from Wednesday’s N1,535.49/$1.
On Tuesday, it traded at N1,536.85/$1, compared to Monday’s N1,538.45/$1.
On a week-on-week basis, the official rate also recorded a minor gain, closing this week at N1,534/$1 compared to last week’s N1,534.9/$1 essentially maintaining stability despite ongoing volatility in the FX market.
The data shows that Naira is experiencing its longest period of stability this year, trading within a narrow range of N1,520–N1,537/$1 in the official market for nearly two months between June and August 2025.
This follows a year of sharp fluctuations, including a rally in January, a slump in April, and a recovery between May and June.
Nairametrics data shows that during this stable stretch, the exchange rate has typically moved by less than N2–N3 on most trading days—far from the double-digit swings recorded earlier in the year.
Foreign reserves hit $40.7 billion
Nigeria’s foreign exchange reserves have climbed to $40.7 billion, an increase from $40.65 billion signaling a notable boost in the country’s external asset base.
The development comes as part of ongoing efforts to stabilise the naira and attract foreign investment.
The uptick is largely attributed to higher dollar inflows from oil exports, diaspora remittances, and renewed investor confidence driven by recent monetary and fiscal reforms.
Forex remains competitive despite global challenges – Edun
At a press briefing on Thursday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun stated that despite the global economic challenges, Nigeria is diversifying its exports.
“We have a competitive exchange rate and other conditions which allow us to diversify our exports particularly under the African Continental Free Trade Agreement (AfCTA).”
He noted that the Monetary Policy Rate remains high at 27.5% which “we are committed to a coordinated fiscal and monetary policy framework that can substantially and sustainably reduce inflation enabling cheaper capital for businesses so they can invest.”
What you should know
At its 301st Monetary Policy Committee meeting in Abuja, the apex bank announced the retention of the Monetary Policy Rate (MPR) at 27.5%.
All 12 members of the MPC voted unanimously to maintain the MPR at 27.5%, signaling a unified stance among policymakers amid lingering inflationary pressures and exchange rate volatility.
