The naira opened August steady against the dollar, maintaining rates in both official and parallel markets.
Central Bank figures show minimal change, but analysts warn of ongoing macroeconomic and forex pressures.
The Nigerian naira opened the month of August on a stable note, holding firm against the US dollar in both the official and parallel foreign exchange markets. As of Friday, August 1, 2025, the first trading day of the month, the exchange rate remained unchanged from the previous day’s figures.
According to data published by the Central Bank of Nigeria (CBN), the naira closed at approximately ₦1,533 per dollar in the official market, the same rate recorded on Thursday. The parallel market, also known as the black market, reflected a similar trend, with the naira trading at ₦1,560 per dollar, also unchanged from the previous session.
The flat performance comes on the heels of a mild rebound in the official market on Thursday, when the naira experienced a slight gain after weeks of pressure. However, the broader picture still points to a marginal decline in value over the last month.
On a month-on-month basis, the naira depreciated by ₦3.97 when compared to the ₦1,529.58 it traded at on July 1, 2025. The weakening is attributed to persistent demand pressures, reduced dollar inflows, and broader macroeconomic challenges affecting Nigeria’s currency stability.
Meanwhile, the Central Bank also reported that the country’s external reserves stood at $39.36 billion as of July 30, 2025. Analysts say the reserve level provides some buffer for defending the naira in the short term, though long-term stability may require further reforms and stronger capital inflows.
