CBN Releases Fresh FX Rates for Access, UBA, Zenith as Naira Strengthens Against Dollar

• The naira has opened the week strong against the dollar despite the decline in Nigeria’s Forex reserves
• Analysts have disclosed that the naira’s gain is purely organic, as the Central Bank of Nigeria (CBN) injected FX last on June 20, 2025
• The naira’s gain comes as the FX rate gap between the official and parallel markets narrowed by N2 as of Friday, July 4, 2025

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

The Nigerian currency has maintained relative stability against the US dollar, beginning the week strongly.

Data by the Central Bank of Nigeria (CBN), released on Monday, July 7, 2025, shows that the Nigerian Foreign Exchange Market (NFEM) rate traded flat against the dollar.

The naira remains strong against the USD

According to the CBN data, the naira closed trading at N1,529.50 per dollar from N1,528 it traded on Friday, July 4, 2025.

However, the apex market fixed the official NFEM rate flat at N1,528.330 per dollar, from N1,528.56.

Currency dealers quoted the spot dollar rate at a high of N1,531 and a low of N1,520 to a USD.

Naira’s gain: Experts praise CBN policies

The naira’s rally is due to a combination of different factors, including improved investor confidence and inflows from foreign portfolio investors (FPIs) seeking safer havens amid the dollar decline.

Experts have said that the CBN policies and foreign exchange interventions have kept the naira afloat against global shocks, especially amid dwindling FX rates depreciation.

“The naira’s gain in the last seven days has been organic. The last time CBN injected FX into the market was on June 20,” Janet Ogochukuwu, an economist and senior banker, disclosed.

She stated that inflows from FPIs have kept the naira afloat despite global shocks such as falling crude oil prices and reserves depletion.

Exchange rate gap narrows

A prior report by Legit.ng disclosed that the Nigerian currency, the naira, traded strongly against the US dollar last week as the gap between the official and black markets significantly closed to N2 by the end of trading on Friday, July 4, 2025.

Last week, the naira gained against the dollar in four out of the five trading sessions at the Nigerian Foreign Exchange Market (NFEM).

After five days of successive gains, the local currency’s spot rate dipped to N1,528.56 per dollar at NFEM, while the black market rate settled at N1,530.

The naira maintains week-long gains against the USD

Experts say the reduced gap would ease speculations, with the Central Bank of Nigeria’s (CBN) efforts to remove market distortions from the supply end.

The naira opened quietly, trading at N1,525 and N1,535, due to sell-offs from foreign portfolio investors (FPIs) and interbank traders positioning ahead of the apex bank’s OMO auction.

Naira vs dollar: What’s driving the surge?

Market Forces Africa reported that with sufficient volume, the FX rate settled below N1,530 per dollar midweek, supported by inflows from FPIs and oil-exporting companies.

At the end of the week, the naira appreciated by 69.3 basis points week-on-week to close at N1,528.56 to a dollar, while the foreign exchange reserves depreciated by $138.30 million to $37.181 billion, showing sustained demand and tight central bank supply.

CBN fixes new dollar rate for importers

Legit.ng previously reported that CBN has harmonised the FX rates for importers into the official window, following the recent gains of the Nigerian currency.

The development comes amid the naira’s gains in the FX markets since last week.

Data from the Nigeria Customs Service official trade portal shows that the CBN matched the exchange rate for cargo clearing with the official forex window.

Source: Legit.ng