CBN Releases Latest Naira Exchange Rate Against Dollar, Pounds, Euro, 7 Other Currencies

• The naira closed the week on an almost stable note against the dollar in the official foreign exchange market
• Latest data from the CBN showed that the naira exchange rate dropped slightly by 7 Kobo against the dollar
• There were changes in the black market for the naira against the pound, euro and other currencies

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The value of the Nigerian currency, the naira, was unchanged at the close of trading on Friday, May 11, 2025.

Data released by CBN showed that the naira ended the week at the official Nigerian Foreign Exchange Market (NFEM) at N1,609.64.

Friday's exchange rate is a 0.2% or 7 Kobo decline in contrast to the preceding day’s N1,609.57/$1.

According to data published, the naira traded at a high of N1,614/$1 and a low of N1,608/$1 during Friday's session.

The simple average rate on Friday was N1,609.57/$1.

Naira value against the pound, euro

It is the same story for the naira against the euro and the British pound as it closed unchanged in the official exchange market.

The pound sterling and the euro in the official market during the session, remaining unchanged at N2,145.48/£1 and N1,818.42/€1, respectively.

Naira improves in the black market

In the black market naira, the value of the Nigerian currency to the dollar remained unchanged in the parallel market.

Traders confirmed that the naira exchange rate was at N1,628 a dollar on Friday.

"We sell the dollar at N1,628 and buy at N1,625. For the euro and pound, our selling rates are N1,816 and N2,160 respectively."

Here is the CBN exchange rates snapshot

• Pounds Sterling – N2,145.48
• Euro – N1,818.41
• Chinese Yuan – N222.46
• Danish Krona – N243.68
• Japanese Yen – N11.12
• Saudi Riyal – N429.13
• South African Rand – N88.64
• Swiss Franc – N1,948.00
• CFA Franc – N2.79

CBN battles FX pressure

The naira posted a mixed performance in the foreign exchange market over the past week, reflecting ongoing pressure on the local currency despite the Central Bank of Nigeria’s sustained efforts to stabilise the market, Punch reports.

Researchers at Cowry Asset Management Limited noted that the CBN maintained its interventionist stance by carrying out weekly foreign exchange defence measures..

Importers to pay less as CBN reduce Customs rate to clear goods

Earlier, Legit.ng reported that the CBN has reduced the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria's trade portal observed on Tuesday, March 25, the dollar exchange rate for import duty has dropped to N1530.68.

The Customs exchange rate for cargo clearance is set by the CBN relative to the current exchange rates.

In February 2024, the CBN instructed the Customs Service to apply the same forex rate used at the time of importation for goods clearance in Nigeria.

Source: Legit.ng