The naira closed at 1,337 to the dollar on 28 August, gaining 0.96 per cent over the week. Currency turnover fell 48.7 per cent in the same week, while reserves reached 53.11 billion dollars on 24 August, the highest since 2009. Moody's turned the outlook positive, citing a stronger external position.
The naira closed at 1,337 to the dollar on 28 August, a gain of 0.96 per cent over the week. The rate moved between 1,335 and 1,350 during the week, after closing at 1,349.99 on 24 August. In the parallel market the dollar eased from 1,407 on Thursday to 1,403 on Friday. Central Bank of Nigeria governor Olayemi Cardoso said the bank's own operations make up only 1.2 per cent to 1.3 per cent of total currency turnover.[1]
Currency turnover fell 48.7 per cent in the same week, from 5.28 billion dollars to 2.71 billion dollars. Daily turnover was 731.18 million dollars on 24 August, 913.76 million dollars on 26 August and 1.06 billion dollars on 27 August, with the market shut on 25 August for a public holiday.[1]
Gross reserves stood at 53.11 billion dollars on 24 August, the highest since 2009. Moody's Ratings changed Nigeria's outlook to positive from stable on 28 August while affirming the long-term B3 rating, pointing to a stronger external position, current account surpluses and growth that came in above its own forecast. The agency puts the current account surplus at 5.1 per cent of gross domestic product in 2025 and expects 6.1 per cent in 2026; gross reserves excluding gold, special drawing rights and the country's International Monetary Fund position rose to 44.4 billion dollars in June 2026 from 31.2 billion dollars a year earlier.[1], [2]
