Naira Bounces Back, Appreciates Against US Dollar To New Exchange Rate

• Naira has recorded a positive performance against the United States dollar in the official foreign exchange market
• The new exchange rate comes on the back of three consecutive days of losses for the naira across all markets
• The Central Bank of Nigeria has been praised for its efforts to stabilise the naira in recent months

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

The Nigerian currency has recovered against the United States dollar in the official foreign exchange market after three days of losses.

According to data from the Central Bank of Nigeria, the naira closed at N1,587/$1 on Thursday, May 29, 2025, in the official Nigerian Foreign Exchange Market (NFEM).

Thursday's exchange rate represents a slight appreciation of N5 or 0.31% from the previous day’s closing rate of N1,592/$1.

Naira against other currencies

The naira also appreciated against the Pound Sterling in the spot market by N4.61 to close at N2,140.67/£1 on Thursday, stronger than Wednesday’s rate of N2,145.28/£1.

It also gained N1.88 against the euro, settling at N1,799.64/€1 compared with N1,801.52/€1 the previous day.

Here is a snapshot of the latest exchange rates

• CFA: N2.74
• Yuan/Renminbi: N220.70
• Danish Krone: N241.23
• Euro: N1,799.64
• Yen: N10.98
• Riyal: N422.78
• South African Rand: N89.16
• Swiss Franc: N1,923.30
• Pound Sterling: N2,140.67

Naira falls against dollar at black market

In the parallel market, also known as the black market, it was a different story for the naira against the US dollar.

Traders who spoke to Legit.ng confirmed that the Nigerian currency depreciated against the dollar.

Abdullahi, a Bureau De Change (BDC) trader, told Legit.ng that the naira saw a slight depreciation against the US dollar.

He said:

“The dollar rate slightly increased from N1,620 to N1,625 between Wednesday and Thursday."

He noted that while the dollar experienced movement, the exchange rates for the euro and the British pound remained unchanged.

Abdullahi added:

“The euro and pound rates held steady at N1,800 and N2,160 respectively, showing no signs of fluctuation during the same period."

Despite the uptick in the dollar rate, Abdullahi remains optimistic about a potential rebound for the naira.

“I expect that by the end of the week, the exchange rate for the naira will have improved."

Nigeria's stock market rises further as investors

Earlier, Legit.ng reported that Nigeria’s equities market recorded another positive performance on Wednesday, May 28, 2025, as investors booked a N187 billion gain.

Data from Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) climbed by 0.27% to close at 111,902.61 points, up from the previous day’s 111,606.22 points.

The market capitalisation also rose to N70.564 trillion, marking an increase from N70.377 trillion.

Investors showed interest in Northern Nigeria Flour Mills (NNFM), which emerged as the top gainer for the day.

Source: Legit.ng