Traders Quote New Exchange Rate for Dollar As Naira Appreciates in All FX Markets

• The value of the Nigerian currency has appreciated against the US dollar in the official foreign exchange markets
• New data shows that the naira improved by 0.09% at the close of trading week on Friday in the NFEM window
• Financial experts have predicted that the naira will continue to be stable, but have ruled out further strengthening

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 closed trading week on a positive note against the United States dollar in the official foreign exchange market.

According to data from the Central Bank of Nigeria, the naira on Friday, May 30 exchanged N1585.5 a dollar in the official Nigerian Foreign Exchange Market (NFEM).

Friday's exchange rate represents a slight appreciation of N2 or 0.09% from the previous day’s closing rate of N1,587/$1.

What this means is that for another week, the naira in the official market traded below N1,600 a dollar mark.

Naira against other currencies

The naira appreciated against the pound sterling in the spot market on Friday, gaining N4.29 to close at N2,136.38/£1, compared to Thursday’s rate of N2,140.67/£1. This continued the strengthening trend seen during the week.

Similarly, the naira also gained ground against the euro, appreciating by N2.53 to settle at N1,797.11/€1 on Friday, stronger than Thursday’s closing rate of N1,799.64/€1.

The gains in the foreign exchange market reflect improving confidence and increased supply, helping to ease pressure on the local currency ahead of month-end demand.

Here is a snapshot of the latest exchange rates May 30

• CFA Franc: N2.73
• Chinese Yuan (Renminbi): N220.27
• Danish Krone: N240.92
• Euro: N1,797.11
• Japanese Yen: N11.02
• Saudi Riyal: N422.86
• South African Rand: N88.25
• Swiss Franc: N1,926.81
• Pound Sterling: N2,136.39

Naira falls against dollar at black market

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

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

Abdullahi, a Bureau De Change (BDC) trader said:

He said:

"The dollar rate appreciated slightly between Thursday and Friday, rising from N1,625 to a selling rate of N1,623 and a buying rate of N1,610, leaving a margin of N13.

"While the dollar experienced some movement, the exchange rates for the euro and the British pound remained unchanged throughout the period. Both currencies held steady at N1,800 for the euro and N2,160 for the pound."

Experts predict new naira exchange rates

Earlier, Legit.ng reported that Financial experts have predicted that the naira will continue to be stable, but have ruled out further strengthening

They disclosed that the naira gained 1.1% last week at N1,585 per dollar as the Central Bank of Nigeria (CBN) sold $190.40 million to dealers

Data from the Nigerian Foreign Exchange Market showed that the naira appreciated to N1,580.44 per dollar on Friday, May 23, 2025, from N1,584.95

Source: Legit.ng