Nigeria’s Currency Records First Gain Against US Dollar in a Week
After a week of stagnant performance, the Nigerian naira recorded its first appreciation against the US dollar at the official foreign exchange market on Thursday. According to data released by the Central Bank of Nigeria, the local currency strengthened to N1,535.78 against the dollar, up from N1,536.73 traded on Wednesday.
This modest gain represents a 0.062% increase on a day-to-day basis, with the naira firming up by N0.95 against the dollar. While the change may seem minor, it marks a welcome turnaround for the naira, which had been trading flat since August 15th, 2025.
The black market also witnessed a stable exchange rate, with the naira holding steady at N1,550 per dollar on Thursday, the same rate recorded the previous day. This stability is likely due to the country’s growing external reserves, which have now reached a new high of $41.05 billion as of August 20th, 2025. This represents a significant increase from the $38.25 billion recorded on July 21st.
The growth in external reserves is seen as a positive sign for Nigeria’s economy, which has been working to stabilize its currency and increase foreign investment. As the country continues to navigate the complexities of the global economy, a strong naira is crucial for maintaining economic stability and attracting foreign investors.
Thursday’s gain may be small, but it represents a step in the right direction for Nigeria’s currency. With the country’s external reserves on the rise, economists are cautiously optimistic about the naira’s prospects in the coming weeks. As Nigeria’s economy continues to evolve, all eyes will be on the naira to see if it can sustain its momentum and make further gains against the US dollar.
