Naira Records Slight Depreciation Against US Dollar in Official Market
The Nigerian Naira experienced a slight depreciation against the US Dollar in the official market on Monday, August 25, 2025. The exchange rate weakened compared to the previous Friday, with the Naira also losing ground against the British Pound and Euro.
However, in the parallel market, the Naira remained unchanged against the US Dollar. The depreciation of the Naira follows a significant injection of funds into the foreign exchange market by the Central Bank of Nigeria (CBN) last week.
The CBN sold $50 million to banks to boost supply amid declining inflows. Analysts noted that the high spot rate indicates the apex bank is seeking to attract and retain offshore inflows to sustain FX liquidity.
Nigeria's external reserves also rose to $42.8 billion, which is seen as a positive development for the country's economy.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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