Prime Business Africa
The dollar strengthened by 0.34 percent against the naira on Tuesday, November 25, as the foreign exchange (FX) rate increased to N1,480/$ in the parallel market.
On Monday, November 24, the greenback had traded for N1,474.9 kobo/$, indicating the cost of buying a dollar increased by N5.1 kobo, according to Naira Rates.
Join our WhatsApp ChannelHowever, the naira held its ground against the pound, as they exchanged for N2,204.4/£1, the same rate the British currency traded the previous day.
READ ALSO: Naira Firms Across FX Markets, Trades at ₦1,470.52 to Dollar
Also, the euro traded flat against the Nigerian currency at N1,853.7 per €1, a similar price offered the day before.
In the official market, the naira appreciated by 0.75 percent against the dollar, as the exchange rate closed at N1,441 per $1, compared to the N1,452/$1 recorded the previous day — indicating a decrease of N11.
This shows the gap between the parallel market and official window widened to N39, from N22.9 recorded on Monday.
Meanwhile, earlier today, the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said Nigeria’s external reserves increased to $46.70 billion on November 14, from $42.77 billion at the end of September 2025 — representing an increase of 9.19 percent.
Speaking during the CBN monetary policy committee (MPC) meeting on Tuesday, Cardoso said the external reserves will be sufficient to cover 10.3 months of imports for goods and services.
