Naira Trades at New Rate as CBN Sells $41 Million to Forex Dealers, Updates Exchange Rates

• The naira remained stable in the Nigerian foreign exchange market on Thursday, June 19, 2025, after depreciating for most of the week
• At the end of closing on Thursday, the naira traded flat at N1,551 per dollar, the rate as the previous day, while the CBN rate was fixed at N1,549
• The naira’s current value came amid declining forex reserves and rising crude oil prices in the international market

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian currency traded flat in the foreign exchange market on Thursday, June 19, 2025, after fears of renewed volatility resurfaced.

The local currency stabilised, closing at N1,551 per dollar, the same rate as the previous day.

CBN sells dollars to authorised dealers

The Central Bank of Nigeria (CBN) data shows that the Nigerian Foreign Exchange Rate (NFEM) was fixed at N1,549.4193.

The dollar spot rate was traded at a high of N1,553.99 and a low of N1,546.

According to Market Forces Africa, the apex bank injected about $41 million to boost foreign exchange inflows in the official market and enhance liquidity due to a surge in corporate demand for the dollar the previous day.

The report disclosed that the FX injections were sold to authorised dealers at N1,546.15 and N1,550 per dollar.

Relative to May, the CBN’s FX market interventions and forex sales have reduced significantly in June.

Nigeria’s FX reserves decline

Legit.ng earlier reported that the financial sector regulator sold about $580 million to defend the naira in May, with the exchange rate reversing losses from above N1,600 to the N1,500 ceiling.

However, Nigeria’s external gross reserves declined below $38 billion after a series of FX outflows.

Data from the international crude oil market shows that oil prices rose nearly 3% on Thursday, June 19, 2025, as the ongoing Middle East conflict between Israel and Iran intensified, stoking fears of broader instability in the region.

Crude oil prices rise

Reports say investor fears over possible US involvement in the conflict added further pressure on oil prices.

At the close of trading on Thursday, international benchmarks edged upwards, with Brent crude gaining $2.15, or 2.8%, to close at $78.85 per barrel, the highest close since January 22.

The US WTI rose by $2.06 or 2.7%, settling at $77.20 per barrel.

Gold prices held steady despite the geopolitical tensions, as spot gold thinned down 0.1% to $3.365.79, while US gold futures dropped 0.7% to $3,383.280.

Experts say that while an oil price increase may prove short-term, sustained elevated levels could exacerbate tariff-driven economic pressures and reduce demand.

They say prices are likely to reverse once the Middle East tensions ease

Naira depreciates as Access, Zenith, others sell dollars at new rates

Legit.ng earlier reported that the Nigerian currency dropped in value for the second consecutive day in the official foreign exchange market.

The new development threw currency pundits off course after predicting the local currency's gain in the wake of the Israeli-Iranian war.

The naira, which surged against the dollar last week, witnessed renewed volatility as crude oil prices subsided amid rumoured talks between Israel and Iran.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng