CBN Announces New Exchange Rates As Naira Records First Loss Against US Dollar After 7 Days

• New data from the Central Bank of Nigeria shows that the Nigerian currency depreciated against the US dollar
• The latest naira performance marks the first depreciation in over a week in the Nigerian Foreign Exchange Market (NFEM)
• The market will be closed on Thursday as the country celebrates June 12 Democracy Day holiday

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

The Nigerian naira has recorded its first depreciation in over a week against the US dollar in the official foreign exchange market.

Data obtained from the Central Bank of Nigeria (CBN) indicated that the naira weakened in value to N1,545/$1 after trading on Wednesday, June 11, 2025.

The new exchange rate represents a 0.32% or N5 depreciation compared to the previous day's closing rate of N1,540/$1.

During trading activities on Wednesday, the dollar was exchanged for as high as N1,546.50 and a low of N1,538, while the simple average for the day was N1,539.96/$

Naira against pound, euro

It was the same story for the naira against the pound sterling in the official market.

Nigerian currency recorded a marginal loss of N0.64 against the pound to close at N2,084.02/£1 compared with the previous trading session's N2,083.38/£1.

While against the euro, the naira depreciated by N5.79 to settle at N1,766.68/€1, in contrast to Tuesday’s closing value of N1,760.89/€1.

Snapshot of the market

According to the CBN, the exchange rates for select foreign currencies based on the selling rate are as follows:

• CFA Franc: N2.68
• Chinese Yuan/Renminbi: N214.01
• Danish Krone: N236.84
• Euro: N1,766.68
• Japanese Yen: N10.62
• Saudi Riyal: N410.52
• South African Rand: N86.78
• Swiss Franc: N1,876.80
• Pound Sterling: N2,084.02

Naira to dollar at the unofficial market

The poor run for the naira continued in the parallel market, also known as the black market.

Traders who spoke to Legit.ng said the naira exchange rate depreciated against the dollar on Wednesday.

Abudulahhi a BDC trader said:

The exchange rate data on Wednesday shows a modest depreciation of the naira against major foreign currencies.

“For the US dollar, while the selling rate remains unchanged at N1610, the buying rate increased slightly from N1597 to N1600.

“The euro also recorded movement, with the buying rate rising from N1780 to N1785 and the selling rate climbing from N1795 to N1800.

"The British Pound followed the same trend. The buying rate increased from N2130 to N2135, while the selling rate rose from N2150 to N2155, a N5 increase on both ends.”

ABCON advises CBN on constant liquidity

Earlier, Legit.ng reported that Aminu Gwadebe, president of the Association of Bureau de Change Operators of Nigeria, complained that very few banks have followed the Central Bank of Nigeria's order to sell dollars to BDCs.

Gwadebe added that only a small number of banks were selling to BDCs were selling to BDCs.

The CBN temporarily allowed Bureau de Change operators to buy foreign currency from the Nigerian Foreign Exchange Market last December.

Source: Legit.ng