Naira closes flat as Cardoso announces $40.1bn external reserves
Naira closes flat as Cardoso announces $40.1bn external reserves
Hope Moses-Ashike
July 22, 2025
Multinationals eye Nigeria expansion on naira stability
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The naira closed flat on Tuesday in the official foreign exchange (FX) market, as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) announced gross external reserves of $40.1 billion.
At the Nigerian Foreign Exchange Market (NFEM), the naira slightly depreciated, 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, also known as the black market, the local currency closed steady at N1,530, according to street traders on Tuesday.
Naira closes flat as Cardoso announces $40.1bn external reserves
Hope Moses-Ashike
July 22, 2025
Multinationals eye Nigeria expansion on naira stability
Share
The naira closed flat on Tuesday in the official foreign exchange (FX) market, as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) announced gross external reserves of $40.1 billion.
At the Nigerian Foreign Exchange Market (NFEM), the naira slightly depreciated, 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, also known as the black market, the local currency closed steady at N1,530, according to street traders on Tuesday.
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