The Nigerian Naira depreciated marginally against the US dollar in both the official and parallel foreign exchange markets on Monday, signaling a retreat after recent gains. The Central Bank of Nigeria reported an official rate of N1,535.93 per dollar, down slightly from N1,533.56 at Friday’s close.
In the parallel or black-market, the currency softened further, weakening by N5 to N1,570 per dollar, compared with N1,565 last Friday.
The timing of the depreciation coincides with a continued build-up in Nigeria’s external reserves, which now stand at $40.29 billion as of August 8, 2025, offering some macro-buffer.
Market observers note that while the uptick in reserves previously buoyed the Naira, foreign exchange markets remain sensitive to both global pressures and domestic policy signals, keeping volatility on the horizon.