Naira gains ground amid Improved Market Confidence and FX Reserve

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The naira has strengthened against the dollar, trading close to N1530/$ in the unofficial market, driven by increased market confidence and a healthier net FX reserve position. The Nigerian foreign exchange market remains steady, supported by fewer global uncertainties and growing interest from foreign portfolio investors.

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The recent easing of global trade tensions, following the US administration’s pause on reciprocal tariff increases, has boosted optics in the Nigerian foreign exchange market. “The window for countries to renegotiate lower tariffs originally set between April 9 and July 8 has been extended through August 1,” a development that could further support the naira.

Nigeria’s path toward fuel self-sufficiency is progressing, with data showing a smaller overall import bill in the first quarter. The country’s crude oil production increased by 3.6% to 1.51 million barrels per day in June 2025, according to the Nigerian Upstream Petroleum Regulatory Commission. This marks the first time in five months that Nigeria has fulfilled its OPEC production limit, a sign of increased operational effectiveness.

The Monetary Policy Committee is set to meet this week, following the release of the inflation report, which showed a modest decline in the headline inflation rate to 22.22% in June 2025, down from 22.97% in May 2025. The Consumer Price Index (CPI) rose to 123.4 in June 2025, up two points from the previous month’s 121.4

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