Naira Opens Week With Decline Across Forex Markets

The Nigerian currency, the naira, opened the week on a note of decline across foreign exchange market windows.

At the official market, the Central Bank of Nigeria (CBN) data showed that the naira traded ₦1,535.92 per dollar, at the Nigerian Foreign Exchange Market (NFEM) on Monday, 11 August 2025.

This reflects a ₦2.36 loss when compared to ₦1,533.56 per dollar it traded on Friday, 8 August 2025.

The CBN data also showed that the naira traded between the highest spot rate of ₦1,538.45 and low of ₦1,526 per dollar.

At the black market, the local currency traded at ₦1,570/$1 on Monday, losing ₦15 against the American greenback, having closed ₦1,555/$1 on Friday.

This comes amid sustained increase in Nigeria’s external reserves. The reserves hit $40.92 billion on Friday, 8 August. This represents a 1.9 per cent increase from $39.54 billion recorded on 1 August 2025.

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The latest drop in the value of the naira in the foreign exchange market has been attributed to persistent FX demand which puts pressure on the local currency, as businesses and individuals sought dollars amid illiquidity.