Victor EzejaThe Nigerian naira opened the new week on a positive note, as it gained against the US dollar in both the official and parallel foreign exchange markets on Monday, 7 July 2025.
According to Central Bank of Nigeria data, the naira rose slightly to N1,528.33 on Monday at the official market.
Join our WhatsApp ChannelThis reflects a marginal gain of N0.23 when compared to N1,528.56 on Friday, 5 July.
The CBN data showed that it traded between a high of N1,531 and a low of N1,520 per dollar.
READ ALSO: Naira Maintains Stability, Records Two-month High Of N1,553 Per Dollar
At the parallel market, also known as the black market, the local currency strengthened to N1,550 per dollar on Monday, reflecting a N20 gain from N1,570 on Friday last week.
The naira had after witnessing a rebound mid-last week, reaching a high of N1,525.824 (on Thursday), ended the week with a decline.
The Central Bank of Nigeria (CBN) has sustained its foreign exchange market reforms aimed at boosting liquidity to stabilise the naira in the FX market. The apex bank was commended by the International Monetary Fund (IMF) last week for its FX reforms.
The naira’s upward trajectory follows the resumption of international usage of Naira-denominated cards by Nigerian banks. The move is seen as a signal of improved FX liquidity.
Foreign exchange inflows increased to $1.79 billion last week from $1.03 billion the week before, with Foreign Portfolio Investors (FPIs) accounting for 66.91 percent of the total. According to a new report by Coronation Merchant Bank’s research department, FPIs have dominated FX inflows for the seventh week in a row, indicating continued investor interest in Nigerian fixed-income assets.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
