The naira kicked off the week on a positive note, extending the gains recorded in the previous week across both the official and parallel foreign exchange markets.
According to data released by the Central Bank of Nigeria (CBN), the Nigerian currency opened the week at N1,528.3301/$1 in the Nigerian Foreign Exchange Market. This reflects a slight appreciation of N0.2315 compared to Friday’s closing rate of N1,528.5616/$1.
In the parallel market, commonly referred to as the black market, the naira also showed resilience. On Monday, July 7, 2025, Bureau De Change (BDC) operators in Lagos reported an exchange rate of approximately N1,550/$1 for buying and N1,565/$1 for selling.
Market watchers note that the continued strengthening of the naira signals growing investor confidence and improved dollar supply in the system, although volatility remains a concern amid broader economic challenges.
