The naira gained ground against the dollar at the official foreign exchange market on Monday, marking a positive start to the trading week. Data from the Central Bank of Nigeria showed the currency strengthened to N1,368.27, improving from N1,370.19 at the previous Friday's close.
The naira firmed by N1.9 against the dollar compared to Friday's trading levels. However, the picture looked different in the parallel market, where the currency weakened considerably.
At the black market, the naira dropped N5 to trade at N1,410 per dollar on Monday from N1,405 the previous day. The divergence between official and unofficial rates underscores persistent foreign exchange pressures in the economy.
The official market gains came as Nigeria's foreign reserves continued their upward trajectory. The reserves reached $51.52 billion as of July 3rd, 2026, according to central bank figures.
Monday's recovery reversed a difficult week for the local currency. The naira had depreciated across both the official and parallel markets during the previous trading period.
Analysts have linked the central bank's reserve accumulation to improved foreign exchange inflows into the country. The stronger reserves position often supports currency stability at the official market level.
