Naira closes at N1,513/$ at official market

The Naira on Monday depreciated by 0.099 per cent to close at N1,513.00 at the Nigerian Foreign Exchange Market (NFEM) as against N1,511.50 the dollar it closed last week.

In the parallel market, the naira appreciated to N1,527 against the dollar, making it the highest level in over a month.

This is against Friday’s closing rate of N1,530.96 against the dollar.

As gathered by WESTERN POST, the local currency last week, appreciated by 1.27 per cent to close at N1,511.50 against the dollar from N1,531.00 against the dollar it closed prior week.

The growth last week was supported by supply from FPIs looking to participate in the OMO Mrimmary Market Auction (PMA) and the $15.00 million intervention from the  Central Bank of Nigeria (CBN).

According to data on the CBN website, Nigeria’s foreign reserves rose by 0.0per cent to $41.5 billion on September 3, 2025.

Essentially, FX reserve movements are particularly crucial for economic stability, currency strength, import capacity, debt management, and overall investor confidence. Changes in the reserves could signal economic stress or health.

Amid huge debt service obligations and revenue challenges, the stability in external reserves movement, coupled with a marked deceleration in inflation rate, as well as the Naira’s relative stability, offer renewed hope for the country about better days ahead.

The development further attests to the position of the central bank’s management team that monetary policy actions have so far headed in the right direction.

During the last MPC meeting in July, CBN Governor Olayemi Cardoso attested to the sustained stability in the foreign exchange market, which was accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports, and a significant reduction in aggregate imports.

Analysts say the country’s investment outlook improved because of the unification of exchange rates and the resolution of the $7 billion foreign exchange backlog.

Analysts at Cordros Research stated that, “ In the near term, we expect naira stability to persist on the back of resilient FX market liquidity.

“Renewed capital inflows should be supported by the anticipated Fed rate cut and broader easing in global yields, which would enhance investor appetite for naira assets.

“Concurrently, improving non-oil export receipts and diminished incentives for speculative positioning in the naira are likely to sustain the momentum of domestic inflows.”