The naira appreciated marginally against the US dollar on Tuesday, marking a stable start to July 2025 amid ongoing foreign exchange reforms.
At the Nigerian Foreign Exchange Market, it closed at ₦1,529.57 to the dollar—up ₦0.14 from Monday’s rate, according to Central Bank figures. In the parallel market, the naira gained ₦10, trading at ₦1,560.
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Improved liquidity from Foreign Portfolio Investors and increased dollar supply contributed to the gains. Access Bank reported the naira rose ₦6.43 last week, closing at ₦1,545.20.
Analysts expect continued capital inflows to sustain this momentum.
Meanwhile, data from Afreximbank shows Nigeria, Zimbabwe, and South Sudan recorded the steepest currency declines in 2024.
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