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The naira has continued its upward trend against the dollar at the official market, with the country’s external reserves rising to $40.16 billion as of August 7, 2025. According to the Central Bank of Nigeria’s official foreign exchange data, the naira slightly strengthened to N1,533.57 on Friday, up from N1,533.73.
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This represents a marginal gain of N0.16 against the dollar on a day-to-day basis at the official foreign exchange market. However, the naira remained flat at ₦1,565 per dollar on the black market, trading at the same FX rate as Thursday
The increase in external reserves to $40.16 billion, the highest since July, is a significant development for the country’s economy. As the Central Bank of Nigeria Governor Olayemi Cardoso had previously confirmed, the country’s external reserves had swelled to $40.11 billion, up from $39.99 billion as of August 6, 2025.
The naira’s performance over the week under review was notable, with reports indicating that it recorded more gains than losses. The strengthening of the naira against the dollar at the official market is a positive development, and the increase in external reserves is expected to boost confidence in the country’s economy.
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Jonathan Nwokpor
