Naira Depreciates Against Dollar and Pound on August 25

On Monday, August 25, 2023, the naira closed at N1,346.98 per dollar at the Nigerian Foreign Exchange Market (NFEM), marking a decline of 49 kobo or 0.04% from the previous session's rate of N1,346.49 per dollar. The naira also weakened against the British pound, settling at N1,837.54 per pound, down from N1,836.75 per pound, a decrease of 79 kobo.

Conversely, the naira appreciated against the euro, trading at N1,571.54 per euro, up from N1,573.11 in the preceding session. At the parallel market, the naira remained stable against the dollar at N1,390 per dollar.

The exchange rate at the foreign exchange desk was flat at N1,355 per dollar. Interbank foreign exchange turnover decreased by 4.4%, falling to $159.732 million from the previous session.

Market analysts anticipate that the naira will remain within a relatively stable range in the near term. AIICO Capital noted the naira's performance is influenced by the rising foreign reserves, which reached $52.19 billion as of August 12, 2026.