The naira has started the week on a positive note, gaining value against the dollar in the official foreign exchange market. According to the Central Bank of Nigeria’s foreign exchange data, the naira appreciated to ₦1,534.21 per dollar on Monday, up from ₦1,534.72 on Friday.
This represents a marginal gain of N0.51 against the dollar. However, the naira continued to depreciate in the black market, falling by N1 to N1,538 per dollar on Monday from N1,537 on Friday
The development coincides with an increase in Nigeria’s external reserves, which rose to $38.77 billion as of July 25, 2025, from $38.63 billion on the previous day.
Nigeria’s Economy:
Nigeria’s economy is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. The country has significant oil reserves, but the oil sector contributes only about 9% to the GDP. The agricultural sector has not kept up with the country’s rapid population growth, and Nigeria now imports some of its food products.
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