The naira recorded a slight appreciation against the US dollar at the official foreign exchange market on Thursday, buoyed by steady growth in Nigeria’s external reserves.

Data from the Central Bank of Nigeria (CBN) shows the currency traded at ₦1,533.73 per dollar, up from ₦1,534.44 on Wednesday — a marginal gain of ₦0.70.

In the parallel market, however, the naira remained unchanged at ₦1,565 per dollar, the same rate as the previous day.

The improvement at the official window comes as Nigeria’s external reserves edge closer to the $40 billion mark. CBN figures reveal that reserves rose to $39.99 billion on August 6, 2025, up from $39.81 billion just two days earlier.

Analysts say the uptick in reserves could help stabilise the naira in the short term, especially if the trend continues.