Naira Gains 0.25% Against USD as Reserves Surpass $53 Billion

The Nigerian Naira appreciated by 0.25% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on August 26, closing at N1,343.59/$1 compared to Monday's N1,346.98/$1.

This improvement is part of a broader trend as Nigeria's gross external reserves surpassed $53 billion, supported by sustained accretion from multiple sources including hydrocarbon sales and remittances.

The Central Bank of Nigeria reported that the country's gross external reserves rose by $280 million to $53.112 billion on Tuesday from $52.832 billion, reflecting continued growth in the country's external liquidity amid higher inflows into the foreign exchange market.