Naira ends August with modest gain against Dollar in Nigerian forex market
Story by Martha Gwary
The Nigerian naira recorded a slight appreciation against the US dollar on Friday, with gains observed in both the official and parallel foreign exchange markets.
In the parallel market, the naira strengthened from ₦1,552 per dollar on Thursday to ₦1,545/$.
According to data from the Central Bank of Nigeria (CBN), the local currency also firmed to ₦1,531/$ on the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,533 per dollar recorded on the previous trading day.
READ ALSO: Nigeria’s reserves poised for growth, aiding Naira stability
By the close of the month, the naira had appreciated by 0.14% against the US dollar in the NFEM.
Nigeria’s foreign exchange inflows rose, supported by increased diaspora remittances and a rise in foreign portfolio investment (FPI). The nation’s external reserves, which enhance the CBN’s ability to stabilise the naira, grew by $1.72 billion to $41.3 billion during the month.
CBN Governor, Yemi Cardoso, disclosed that remittances from the Nigerian diaspora surged by 200 per cent to $600 million over the past two months, providing a significant boost to the country’s foreign exchange position.
READ ALSO: EFCC arrests content creator for naira abuse after social media dare
Offshore investor inflows climbed from $1.5 billion in June to $1.7 billion, reflecting cautious investor participation under favourable carry trade conditions and stable global macroeconomic factors.
Mr Cardoso also emphasised that Nigerians abroad now have more efficient remittance channels, reducing the need for alternative means of sending funds home.
He noted that the rising inflow of diaspora funds is helping to reduce Nigeria’s reliance on oil revenues and diversify its foreign exchange sources.
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
