The naira began the week on a downward slide, losing value against the dollar in both the official and parallel (black) markets on Monday.

According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,535.93 per dollar in the official market, slipping by ₦2.37 from last Friday’s rate of ₦1,533.56.

The trend was similar in the black market, where the naira exchanged at ₦1,570 per dollar — a ₦5 drop compared to ₦1,565 on Friday.

Interestingly, the decline comes despite a boost in Nigeria’s external reserves, which rose to $40.29 billion as of August 8, 2025, according to CBN figures.

Just last Friday, the naira had appreciated on the back of this reserves growth, raising hopes for a stronger currency. However, Monday’s performance shows that the foreign exchange market remains volatile, with the naira still under pressure against the dollar.

Analysts say market forces, dollar demand, and speculative trading continue to play a major role in the currency’s day-to-day movements. For now, all eyes remain on the CBN’s next moves to stabilize the naira.