The Naira closed flat on Tuesday in the official foreign exchange (FX) market, as Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced gross external reserves of $40.1 billion.
At the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated slightly, with the dollar quoted at N1,535.23, marking a 0.2 percent or N2.69 drop from N1,532.54 recorded the previous day, according to data from the CBN.
In the parallel market aka black market, the local currency closed steady at N1,530, according to street traders on Tuesday.
Cardoso disclosed during a press briefing following the Monetary Policy Committee (MPC) meeting that Nigeria’s gross external reserves rose to $40.11 billion as of July 18, 2025, providing about 9.5 months of import cover for goods.
However, figures on the CBN’s website indicate the gross reserves stood at $37.93 billion on July 18, 2025, and increased to $38.24 billion by Monday.
The MPC also highlighted continued stability in the FX market, driven by stronger capital inflows, improved earnings from crude oil production, rising non-oil exports, and a notable drop in aggregate imports.
On Monday, the Naira appreciated further in the black market, buoyed by a significant rise in FX inflows, which climbed to $1.31 billion week-on-week, largely driven by renewed interest from foreign portfolio investors (FPIs). This has helped narrow the gap between the official and parallel market rates to just N2 per dollar.