Amid growing external reserves, the naira strengthened versus the dollar on Monday at the official foreign currency market, starting the week on a positive note.  

Exchange data from the Central Bank of Nigeria shows that the value of the naira increased from N1,533.74 on Friday of last week to N1,531.95 on Monday vs the dollar.  

This demonstrated that, in comparison to the N1,533.74 exchanged at the end of business last week, the Naira rose by N1.79.  

At the same exchange rate that was used on Friday, the naira held steady at N1560 per litre on the illegal market.  

The development coincides with Nigeria's external reserves maintaining a slight increase, rising from $39.36 billion on July 30th to $39.54 billion on August 1st, 2025.

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