Ongoing reforms by the Central Bank of Nigeria (CBN) boosted the naira against the dollar across the foreign exchange (FX) markets on Tuesday, the first trading day of July 2025.

According to data from the apex bank, the naira strengthened marginally by N0.14, closing at N1,529.57 per dollar compared to N1,529.71 on Monday at the Nigerian Foreign Exchange Market (NFEM).

The naira recorded gains in the parallel market, appreciating by N10 to close at N1,560, representing a 0.6 per cent increase from the N1,570 recorded the previous day.

The development marked a continuing trend of relative currency stability driven by ongoing reforms by the CBN.

The CBN implemented several reforms aimed at stabilising the naira and boosting investor confidence.

These reforms include a unified and market-determined exchange rate, improved foreign exchange (FX) liquidity, and increased transparency in FX operations.

The bank also focused on curbing inflation, promoting fiscal discipline, and diversifying the economy to withstand external shocks.

These measures have contributed to a more stable naira, attracting positive investor interest and potentially paving the way for sustained economic growth.

READ ALSO: Diesel Surged To N1,758 In May 2025 – NBS

A report by Access Bank said the foreign exchange market recorded a notable boost in United States dollar liquidity last week, driven by increased inflows from Foreign Portfolio Investors (FPIs) and stronger sell-side participation.

The improved supply supported a modest appreciation of the naira, which gained N6.43 to close at N1,545.20 per US dollar.

Analysts at the bank added that sustained FPI inflows are expected to keep downward pressure on exchange rates in the near term, provided the current momentum in capital inflows is maintained.