The Naira fell to its weakest level in more than a week on the parallel market on Tuesday, trading at N1,565/$1.

This is according to a reported data from currency traders in Lagos.

The Naira had traded at N1,550/$1 last Wednesday, and N1,535/$1 on both Tuesday and Monday of the previous week.

On the official market, the Naira closed at N1,533.85/$1 on Monday, marginally stronger than the N1,535.50/$1 recorded last week according to data on the Central Bank of Nigeria’s (CBN) website.

On July 25, the currency closed on a high note in the parallel market, reaching N1,520/$1, making it the strongest performance in weeks.

This rate was N14 stronger than the official rate posted by the CBN, which stood at N1,534/$1.

Nigeria’s foreign reserves rose by 6.18% month-on-month, increasing from $37.2 billion on July 1 to $39.5 billion on August 1.

The development comes as part of ongoing efforts to stabilise the naira and attract foreign investment.

Analysts say the slight increase in reserves bodes well for the economy, as it strengthens the Central Bank’s ability to defend the naira, finance imports, and meet external obligations.

CBN Governor, Olayemi Cardoso has consistently reaffirmed the bank’s commitment to a stronger exchange rate.

At the last MPC meeting, he stated, “The MPC also notes the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports, and significant investments.

“And very importantly, Nigerians are having greater confidence in their own currency”, he added.