The Naira closed the week on a excessive word within the parallel market, reaching N1,520/$1, making it the strongest efficiency for the foreign money all through the week.
This fee is N14 stronger than the official fee posted by the Central Bank of Nigeria (CBN), which stood at N1,534/$1 as of market shut on Thursday.
This improvement marks a continued appreciation development within the unofficial market, the place the naira climbed steadily from N1,550/$1 on Tuesday to N1,530/$1 on Wednesday, additional bettering to N1,535/$1 on Thursday, earlier than settling at N1,520/$1 on Friday.
In distinction, the official alternate market remained comparatively secure however much less aggressive. The naira closed at N1,534/$1 on Thursday, a modest achieve from N1,537/$1 on Wednesday, and barely under N1,536/$1 on Tuesday.
Final week, the naira the hole between the official and parallel alternate markets when the foreign money traded at N1,535 to the greenback within the parallel (black) market, simply N1 lower than the N1,536/$1 fee recorded on the official market.
Information on the CBN web site, final week, exhibits the naira closed at N1,536/$1 on Thursday, a depreciation from N1,531/$1 on Wednesday.
Intra-day buying and selling on Thursday exhibits that the naira traded highest at N1,538/$1 and lowest at N1,520/$1, in line with knowledge on CBN web site on Friday.
Nigeria’s international alternate reserves have climbed to $38.45 billion from final week’s $37.78 billion. This represents a 1.77% improve week-on-week.
The event comes as a part of ongoing efforts to stabilise the naira and appeal to international funding.
Analysts say the slight improve in reserves bodes nicely for the economic system, because it strengthens the Central {Bank}’s skill to defend the naira, finance imports, and meet exterior obligations.
Talking at a press briefing in Abuja on Tuesday, July 22, 2025, following the conclusion of the 301st Financial Coverage Committee (MPC) assembly, CBN Governor Olayemi Cardoso said “The MPC additionally notes the sustained stability within the international alternate market, accentuated by improved capital flows, earnings from elevated crude oil manufacturing, rising non-oil exports, and important investments.
“And really importantly, Nigerians are having higher confidence in their very own foreign money”, he added.
He famous additional, “The international alternate market is working so much higher and extra easily – the results of which has inspired inflows into that market”
“After all, reference is at all times being made to the truth that Nigeria has moved away from the very troublesome state of affairs the place there have been subsidies,” he added.
He stated additional, “These measures, painful although they might be, have resulted in stability within the international alternate market. There’s positivity in our commerce surplus, and it has restored investor confidence.”
CBN introduced the retention of the Financial Coverage Fee (MPR) at 27.5% at its 301st MPC assembly.
All 12 members of the MPC voted unanimously to take care of the MPR at 27.5%, signaling a unified stance amongst policymakers amid lingering inflationary pressures and alternate fee volatility.
Different key selections taken by the MPC embrace:
