The naira opened the week and August stronger at Nigeria’s official foreign-exchange window, while its parallel-market rate held steady and foreign reserves remained above $51 billion.
Key takeaways
- The official exchange rate moved to N1,364.83 per dollar on Monday.
- The naira gained N3.39 from Friday’s level of N1,368.22.
- The parallel-market rate was unchanged at N1,425 per dollar.
- Nigeria’s foreign-exchange reserves stood at $51.92 billion.
- The improvement followed a full week of losses for the currency.
Naira firms at official market
Central Bank of Nigeria figures showed the currency strengthening to N1,364.83 against the dollar on Monday, compared with Friday’s close of N1,368.22. The move represented a N3.39 appreciation as trading resumed for the new week and month.
In the parallel market, however, the naira showed no movement. Dealers continued to quote the dollar at N1,425, matching the rate recorded at the end of the previous week.
Reserves and recent currency performance
The latest exchange-rate movement came as the country’s external reserves reached $51.92 billion, based on central bank data.
The modest recovery also followed a week-long decline in the naira, which had finished the previous week weaker against the dollar.
