Naira records first weekly boost, trades at N1,368/$

The Nigerian naira began the new trading week on a positive note, recording a slight appreciation against the United States dollar at the official foreign exchange market.

According to figures released by the Central Bank of Nigeria (CBN), the naira exchanged at N1,368.27 per dollar on Monday, improving from N1,370.19 per dollar recorded on Friday. This represents a gain of N1.92 for the local currency against the greenback.

The improvement suggests a modest recovery for the naira after experiencing pressure in recent trading sessions. Analysts say movements in the exchange rate are often influenced by factors such as foreign exchange supply, demand for dollars, and interventions by monetary authorities.

However, the naira did not enjoy the same performance in the parallel market, popularly known as the black market.

In that segment of the foreign exchange market, the local currency depreciated by N5, closing at N1,410 per dollar on Monday, compared to N1,405 per dollar at the close of business last Friday.

The differing performances across the official and parallel markets highlight the continued volatility in Nigeria’s foreign exchange landscape, despite efforts aimed at improving liquidity and stabilising the value of the naira.

Meanwhile, Nigeria received another boost as the country’s external reserves continued their upward trend. Latest data showed that foreign reserves increased to $51.52 billion as of July 3, 2026.

The growth in reserves is expected to strengthen the country’s ability to meet external obligations, support the local currency and boost investor confidence in the economy.

The latest appreciation at the official market comes after the naira recorded losses against the dollar across major foreign exchange segments last week.

Market observers will be watching closely to see whether the positive performance recorded on Monday can be sustained in the coming days amid changing global and domestic economic conditions.

The exchange rate remains a key indicator of economic stability in Nigeria, affecting the prices of imported goods, business operations and the overall cost of living for millions of Nigerians.