Naira Rises Strongly Against Dollar Ahead of Buhari Public Holiday

DDM News

The Nigerian naira recorded a significant appreciation against the United States dollar at the official foreign exchange window on Monday.

Diaspora Digital Media (DDM) gathered that the currency’s upward movement comes as the nation prepares for a public holiday to honour the late former President Muhammadu Buhari.

According to data published by the Central Bank of Nigeria (CBN), the naira closed at ₦1,518.89 per dollar on Monday, July 14, 2025.

This reflects a notable gain of ₦11.37 compared to the ₦1,530.26 rate at the close of trading on Friday, July 11, 2025.

It is the most substantial daily appreciation the naira has recorded in the official market within the last week.

This development has sparked cautious optimism among economists and currency traders, who have been closely monitoring Nigeria’s foreign exchange trends.

The strengthening of the naira comes at a time when the country is grappling with rising inflation and a struggling economy.

At the parallel market, however, the naira remained unchanged.

The black market exchange rate stayed flat at ₦1,550 per dollar, the same figure reported last week.

This gap between the official and parallel market rates has remained a concern for investors and monetary authorities.

Financial experts suggest that the current appreciation may be the result of increased dollar inflows into the market, possibly from oil exports, diaspora remittances, or foreign portfolio investments.

Others speculate that it may be a deliberate intervention by the Central Bank to stabilize the currency ahead of key economic announcements.

Notably, the National Bureau of Statistics (NBS) is expected to release the country’s latest inflation report on Tuesday.

In addition, the CBN has scheduled its next Monetary Policy Committee (MPC) meeting for July 21 and 22, where decisions on interest rates and inflation control measures are expected.

Market watchers believe that both the inflation figures and the upcoming MPC meeting could influence the naira’s short-term direction.

Meanwhile, the symbolic public holiday in memory of Buhari may reduce trading volume this week, possibly affecting short-term market activity.

Despite the temporary gain, economic analysts warn that the naira’s performance remains vulnerable to fluctuations in oil prices, external reserves, and government policy consistency.

They advise that the Federal Government must implement sustainable fiscal and monetary reforms to ensure long-term currency stability.

As the nation prepares for Tuesday’s public holiday, all eyes remain on the Central Bank and broader economic indicators for clues on the naira’s trajectory in the coming weeks.

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