The Nigerian Naira has commenced the week on a positive note, gaining ground against the United States dollar at the official market. According to data from the Central Bank of Nigeria, the Naira strengthened to N1,453.84 against the dollar on Monday, representing a N2.88 appreciation from the N1,456.72 traded at the close of work on Friday.
This upward trend is a notable development, especially considering the Naira’s performance last week, which saw more losses than gains. In contrast, the black market exchange rate remained unchanged, with the Naira trading at N1,465 per dollar on Monday.
The country’s foreign reserves have also shown an increase, reaching $44.26 billion as of November 21st, 2025, according to the apex bank’s data. This growth in foreign reserves could potentially support the Naira’s stability in the foreign exchange market.
The Naira’s appreciation against the dollar at the official market may be seen as a positive sign for the Nigerian economy, which has been navigating currency fluctuations and economic challenges. The foreign exchange market is closely watched, as it can impact various sectors, including trade, investment, and inflation.
As the week unfolds, market participants will be monitoring the Naira’s performance, taking into account factors such as global economic trends, monetary policy decisions, and domestic economic indicators. The stability of the Naira is crucial for maintaining economic growth and attracting foreign investment, making it essential to track its movements in the foreign exchange market.
With the current foreign reserves and the slight appreciation of the Naira, there may be a sense of cautious optimism regarding the currency’s prospects. However, the foreign exchange market is inherently volatile, and ongoing monitoring of economic fundamentals and policy decisions is necessary to fully understand the Naira’s trajectory. The Nigerian economy’s resilience and ability to adapt to global economic shifts will be crucial in determining the Naira’s performance in the coming days and weeks.