The naira bounced back to appreciate against the dollar at the official foreign exchange market on Thursday as Nigeria’s external reserves continued to rise.

The Central Bank of Nigeria’s data showed that the Naira gained slightly at N1,533.73 against the dollar on Thursday from N1,534.44 traded on Wednesday.

This means that Nigeria’s currency marginally strengthened by N0.70 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained flat at N1,565 on Thursday, the same exchange rate recorded the previous day.

The development follows the continued rise in the country’s external reserves, which stood at $39.99 billion as of 6th August 2025, up from $39.81 billion on the 4th of this month, CBN data showed.

Ekwutosblog reports that in the past four days, the Naira has recorded mixed sentiments of depreciation and appreciation against other currencies.

There is confusion over the alleged takeover of ownership at Ikeja Electric, Egbin Power (KEPCO Energy Resources), and Independent Power Limited by Nigerian banks and other parties over debt.

There are reports that a Lagos High Court presided over by Justice Akintayo Aluko handed a receivership ruling on August 5, 2025, to the power firms based on their debt agreement in 2013 in suits Nos., FHC/L/CS/1242, FHC/L/CS/1244, and FHC/L/CS/1245.

However, in a statement by Ikeja Electric chief legal and regulatory officer, Babatunde Osadare, he dismissed the report that the companies slid into receivership.

According to him, the court ruling rather restrained the lenders and their purported receiver/manager from taking any adverse actions.

“We state unequivocally and for the record that Egbin Power Plc, First Independent Power Limited, and Ikeja Electric Plc are not in receivership, and their assets, businesses, or undertakings are not under the management of any external receiver/manager whatsoever,” he said.

Meanwhile, as the confusion lingers, the development worsens Nigeria’s power sector crisis since the 2013 privatisation processes.

Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price barely 48 hours after the hike across retail outlets.

Ekwutosblog gathered on Wednesday that NNPCL retail outlets have adjusted their fuel pump price downward to N900 per litre from N955.

The state-owned oil firm retail outlets in Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4 have implemented the new petrol pump price as of Wednesday morning.

“On Tuesday we sold fuel at N955 per litre, but it is now N900,” an attendant working with the NNPCL retail outlet in Abuja told DAILY POST anonymously.

This means that NNPCL reduced its fuel by N55 per litre after effecting a hike on Monday to N955 per litre.

Outside NNPCL retail outlets, Ranoil and Empire Energy filling stations in Gwarimpa, Abuja, have adjusted their fuel prices to N955 and N950 per litre, respectively, from N971 and N970.

Meanwhile, when DAILY POST called one of the managers of MRS filling stations in Abuja, he said their fuel pump price has remained at N885, the same price reported by DAILY POST on Tuesday.

Recall that the market had earlier blamed the recent fuel price hike across filling stations on the increase in the ex-depot prices of the product in Dangote Refinery and depots.