Lagos, August 2, 2025
The Nigerian naira started the month of August on a steady note against the US dollar, showing no significant movement across official and parallel markets as currency traders assessed ongoing fiscal and monetary policies.
At the close of trading on Thursday, August 1, the naira traded flat at approximately ₦1,235 per dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM), while the parallel market rate hovered around ₦1,290, maintaining the same levels recorded in the final days of July.
Currency analysts noted that the relative stability reflects a wait-and-see attitude from market participants ahead of key economic decisions, particularly as the Central Bank of Nigeria (CBN) continues its efforts to stabilize the foreign exchange market through reforms and strategic interventions.
Market watchers also pointed to subdued demand pressures, modest foreign inflow levels, and the absence of major fiscal shocks as contributing factors to the naira’s static performance.
Despite the flat open, concerns remain over Nigeria’s persistent FX liquidity challenges, which have led to a widening gap between the official and parallel market rates. Analysts have called for improved transparency in FX supply, increased non-oil exports, and a consistent CBN intervention strategy to drive medium-term stability.
The naira’s performance in the coming weeks will be closely watched by investors, importers, and policy makers alike, particularly as Nigeria navigates inflationary pressures, debt obligations, and external reserve fluctuations.
