Experts Predict New Exchange Rate as The Naira Gains in Official, Black Markets
- The Nigerian currency appreciated in the foreign exchange market on Wednesday, June 25, 2025, due to the demand for stability
- Central Bank of Nigeria’s (CBN) data shows that the local currency closed trading at N1,549 per dollar from N1,550 on Wednesday, June 25
- The naira’s gain was boosted by investors’ confidence as experts predicted that it would trade between N1,500 and N1,600 to a dollar
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian currency, the naira, witnessed a little change following the stability in demand and steady dollar supply volume in the FX market.
Data from the Central Bank of Nigeria (CBN) indicated that the naira’s official rate closed at N1,549.26 on Wednesday, June 25, 2025, per dollar from N1,550 the previous day.
Source: Getty Images
Experts predict a new rate for the naira
Experts have projected that the exchange rate for the naira will trade between N1,500 and N1,600 due to sustained intervention by the CBN.
Market Forces Africa noted in its report that the improvement in macroeconomic figures and continued reform programmes by the apex bank have been responsible for boosting foreign investors’ confidence in the financial system.
Exporters pump FX into the market
The confidence has continued to draw foreign exchange, including improved FX inflows from exporters.
Analysts say the latest OMO bill sales helped the naira’s stability.
Reports say that in the second quarter of this year, the fixed-income market has seen higher levels of open market operations activities.
The report disclosed that foreign portfolio investors' (FPIs) participation enhanced forex inflows into the market significantly, reducing the apex bank’s intervention action.
In the parallel segment of the foreign exchange market, the naira appreciated to N1,585 per dollar, from N1,600, despite the lack of CBN’s intervention.
Oil and gold prices rally
The naira’s performance comes amid an oil price rally of two per cent on Wednesday, June 25, 2025, recovering from losses earlier in the week following the US demand for data and investors' evaluation of the durability of the Israeli-Iranian ceasefire.
Data shows that Brent crude increased by $1.22 to $68.36 per barrel, while WTI rose by $1.25 to $65.65.
Gold prices remained stable as traders anticipated essential US economic indicators.
The price of gold rose 0.1% to $3,327.91 an ounce after dipping to a two-week low.
Spot gold inched up 0.1% to $3,327.91 per ounce after falling to a two-week low previously.
Source: Getty Images
CBN increases the Customs exchange rate
Meanwhile, the Nigerian Customs Service exchange rate for duty clearance has been increased by the Central Bank of Nigeria (CBN).
The change came amid relative stability of the Nigerian currency, the naira, in the official and black market windows.
The naira trades flat in the FX market
The naira traded flat on Tuesday, June 24, 2025, closing at N1,550 per dollar, the same as Monday’s rate.
However, data from the federal government’s trade portal shows that the apex bank increased the foreign exchange rate for import duty from N1,546.84 to N1,548.53 per dollar.
The development means that importers opening Form M, a crucial document for importers, will pay more as of Wednesday, June 25, 2025.
Importers to pay more for import duty
The new import duty rate comes after the CBN reportedly intervened in the foreign exchange market, injecting forex to stabilise the local currency.
The financial sector regulator fixes the import duty rate relative to the prevailing exchange rate, mostly for the previous day.
This means that a weak naira translates to a higher forex rate for importers.
CBN releases new dollar rates for imported products
Legit.ng earlier reported that the CBN has adjusted the exchange rate for cargo clearance at Nigeria’s sea and airports.
The CBN slightly adjusted the rates from N1,548.85 per dollar as of Sunday, June 15, 2025, to N1,548.919.
The apex bank is responsible for fixing the Customs rates in line with the prevailing official foreign exchange rates.
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Source: Legit.ng
