The naira continued its appreciation against the United States dollar at the foreign exchange market on Friday, driven by a slight rise in Nigeria’s external reserves to $38.63 billion as of Thursday, July 24, 2025.
Central Bank of Nigeria data showed the exchange rate at N1,534.72 against the dollar on Friday, compared to N1,534.79 on Thursday.
This indicates the naira strengthened slightly by N0.07 on a day-to-day basis.
However, at the black market, the naira weakened marginally by N3 to N1,537 per dollar, down from N1,535.
The development comes as Nigeria’s external reserves increased to $38.63 billion on Thursday, 24 July, up from $38.37 billion on Tuesday, 22 July 2025.
On a week-on-week basis, Media Talk Africa reports that the naira depreciated by N2.38 against the dollar, compared to N1,532.34 recorded last Friday.
In a recent report, Renaissance Capital Africa estimated that the naira is overvalued by about 26 per cent compared to its 25-year real effective exchange rate average.
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