New Naira-Dollar Exchange Rate Announced As CBN Intervenes In FX Market

• The naira has seen a positive week of appreciation in the foreign exchange market, and unofficial markets
• This follows the news from the National Bureau of Statistics (NBS) that headline inflation has declined for two consecutive months
• Analysts and researchers have explained the reasons behind the appreciation and made projections for the new week

Legit.ng journalist, Ruth Okwumbu-Imafidon, has over a decade of experience in business reporting across digital and mainstream media.

The Nigerian naira has strengthened in the foreign exchange market, closing the week at ₦1,547/$, up from ₦1,549/$.

Analysts say the appreciation was supported by the inflows from the Central Bank of Nigeria (CBN), as the apex bank injected some dollars into the FX market to ease corporate demand pressures.

The naira has remained resilient, bolstered by increased dollar inflows from Foreign Portfolio Investors (FPIs), contributing to a 0.13% week-on-week appreciation.

This marks an extension of currency gains in the NFEM where the FX rate closed at N1,547/$. However, the naira has slightly depreciated in the black market, reaching ₦1,585/$.

Analysts reveal the reasons behind naira appreciation

In its weekly investors’ note, Cordros Capital Limited highlighted that the inflows from FPIs were prompted by the Central Bank of Nigeria’s Open Market Operation (OMO) auction.

The apex bank conducted an OMO auction to absorb excess liquidity in the system, with an offer of N600 billion across the 155-day and 204-day tenors.

Strong investor interest led to over N1.14 trillion subscriptions, the PUNCH reports. The CBN allotted N1.07 trillion, with stop rates clearing at 24.20% and 24.59%, respectively.

Projections from analysts at Cowry Asset Management Limited suggest that the naira will remain stable in the last week of June 2025, as supported by the CBN interventions and reforms.

Similarly, Researchers at Cordros Capital Limited predicted that the CBN would continue to use interventions to manage market volatility, amid global pressures and renewed tensions in the Middle East.

Foreign reserves declines as CBN injects dollars into FX market

Meanwhile, Nigeria’s foreign reserves has declined further this week. As of Thursday, 18 June 2025, it was down to $37.71 billion.

This is connected to the dollars injected into the FX market over the week. Naira has also appreciated against the Euro and British Pounds.

The naira’s appreciation has also been supported by the rise in global crude oil prices, with Brent crude reaching $77 per barrel, the highest level since early February.

CBN adjusts customs rate as naira appreciates

In related news, the cost of importing goods has dropped for businesses following a new adjustment to the customs duty rate by the CBN.

Legit.ng reported that the latest change follows the appreciation of the naira in the Nigerian Foreign Exchange Market (NFEM) and the unofficial markets.

According to data from Nigeria's trade portal, on Sunday, June 22, the CBN slashed the exchange rate for clearing goods to N1,546.86/$, a 0.12% drop from N1,548.85/$ on June 15.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng