Naira closes flat as Cardoso announces $40.1bn external reserves Naira closes flat as Cardoso announces $40.1bn external reserves Hope Moses-Ashike July 22, 2025 Multinationals eye Nigeria expansion on naira stability Share The naira closed flat on Tuesday in the official foreign exchange (FX) market, as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) announced gross external reserves of $40.1 billion. At the Nigerian Foreign Exchange Market (NFEM), the naira slightly depreciated, with the dollar quoted at N1,535.23, marking a 0.2 percent or N2.69 drop from N1,532.54 recorded the previous day, according to data from the CBN. In the parallel market, also known as the black market, the local currency closed steady at N1,530, according to street traders on Tuesday.