The value of the United States dollar has continued to slide against the naira in Nigeria’s parallel (black) market, reflecting growing market optimism and improved foreign exchange (FX) inflows.
According to findings by Legit.ng, several Bureau de Change (BDC) operators confirmed that the dollar is now trading just above ₦1,500, a significant drop from previous highs.
Naira gains strength in black market
Abdulahhi, a BDC trader operating at Ajao Estate Road in Lagos, shared that since the start of July, the naira has appreciated by over ₦50 against the dollar.
“The buying rate for the dollar is ₦1,518, and the selling rate is ₦1,530. Previously, we bought at around ₦1,590,” he explained.
“The euro sells at ₦1,765 and we buy at ₦1,745. The British pound sterling is selling at ₦2,100, with a buying rate of ₦2,070.”
This appreciation aligns with data from BusinessDay, which shows that FX inflows rose sharply to $1.31 billion week-on-week, largely fueled by strong foreign portfolio investor (FPI) participation.
Naira holds firm in official FX market
In the official Nigerian Foreign Exchange Market (NFEM), the naira also maintained its position against the dollar.
According to the Central Bank of Nigeria (CBN) data released on Monday, July 21, 2025, the naira closed at ₦1,535 per dollar, the same rate as the previous trading session.
However, the naira weakened slightly against other major currencies:
British pound sterling: depreciated by ₦6.86 to ₦2,066.94/£1 (from ₦2,060.08/£1)
Euro: fell by ₦4.99 to ₦1,790.01/€1 (from ₦1,785.02/€1)
Official CBN rates for other currencies
As per CBN’s published data:
CFA: ₦2.71
Chinese Yuan: ₦213.54
Danish Krona: ₦239.79
Japanese Yen: ₦10.40
Saudi Riyal: ₦408.53
South African Rand: ₦86.41
Swiss Franc: ₦1,918.80
CBN MPC member predicts stronger naira by December 2025
In a related development, Murtala Sagagi, a member of the CBN Monetary Policy Committee (MPC), projected that the naira would appreciate further to around ₦1,450 per US dollar by the end of 2025.
This forecast, shared in the MPC’s May meeting communique on the CBN’s website, reflects confidence in the combined efforts of monetary and fiscal authorities to stabilise the exchange rate.
“The ongoing policy reforms and increased FX liquidity are expected to support the naira and improve investor confidence,” Sagagi noted.
Outlook: Will the naira sustain the momentum?
With rising foreign inflows, strong investor participation, and coordinated policy measures, analysts say the naira could see continued stability — or even further gains — as Nigeria heads towards the end of 2025.
