Victor EzejaThe Nigerian naira began the week on a positive note, recording a significant gain against the United States dollar at the official foreign exchange market.
According to data released by the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,518.88 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, 14 July 2025.
Join our WhatsApp ChannelThe represents ₦11.38 gain against the U.S. Dollar when compared to ₦1,530.26 recorded on Friday, 11 July.
Prime Business Africa reports that this is the first time the naira is recording this level of gain since last week Wednesday, 9 July, when it strengthened to ₦1,520 at the official market.
The CBN data showed that the naira traded between a high of ₦1,532 and a low of ₦1,515 per dollar at the official market on Monday.
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At the parallel market, also known as the black market, the naira remained flat on Monday, closing at ₦1,550 per dollar. The local currency has maintained a stable rate since last week.
This FX market position of the naira comes ahead of Tuesday’s public holiday declared by the Federal Government in honour of the late former president of Nigeria, Muhammadu Buhari. Buhari, who died on Sunday in London, will be buried in his hometown of Daura in Katsina State.
The naira has remained relatively stable in recent times, trading within the ₦1,500 per dollar range across official and parallel markets.
This is attributed mainly to CBN’s policies and targeted intervention through the injection of FX to boost liquidity in the market.
