CBN Announces New Exchange Rates As Dollar Crashes Below N1,600 in All Markets, Reserves Decline

• The value of the Nigerian currency has appreciated against the US dollar in the foreign exchange markets
• This rise comes as the Central Bank of Nigeria's external reserves declined following recent interventions in the FX market
• There is hope for further appreciation as oil prices rally, helping Nigeria with more dollar inflows to defend the naira

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. (edited)

The Nigerian currency, the naira, has appreciated against the United States dollar in both the official and unofficial foreign exchange markets.

Latest data from the Central Bank of Nigeria shows that the naira in the Nigerian Foreign Exchange Market (NEFEM) closed trading on Monday, June 16, at N1,543 per dollar.

The latest exchange rate represents a slight gain of 0.70%, or N11, compared to last week's closing rate of N1,554.

During trading on Monday, the dollar was sold as high as N1,555, while the lowest rate was N1,541. The market's simple average rate was N1,544.56/$.

Naira against pound, euro

It was, however, a different story for the naira against the British pound sterling and the euro.

Data shows the local currency also depreciated against the British pound, losing N1.16 to trade at N2,101.46/£1 on Monday, June 17, down from Friday’s rate of N2,100.30/£1.

Similarly, it fell against the euro by N3.66, settling at N1,791.92/€1 from the previous rate of N1,788.26/€1.

Naira performance in black market

Legit.ng spoke to several Bureau de Change operators, who confirmed that the value of the naira improved with the buying and selling rates now below N1,600.

Abdullahi, one of the BDC traders, told Legit.ng:

"The dollar buying rate is N1,585, while the selling rate is N1,597. The euro is selling at N1,817 and we buy at N1,795. The British pound sterling is selling at N2,150, with a buying rate of N2,130."

Here are other currencies' exchange rates

The CBN also provided the updated currency exchange rate changes below:

• CFA: N2.68
• Yuan/Renminbi: N215.75
• Danish Krone: N233.23
• Euro: N1,788.26
• Yen: N10.75
• Riyal: N412.89
• South African Rand: N86.30
• Swiss Franc: N1,908.30
• Pound Sterling: N2,100.30

External reserve decline

Meanwhile, CBN data shows that despite the recent rally in global oil prices, Nigeria’s external reserves declined slightly to $37.93 billion as of June 13, 2025, down from $38.02 billion recorded on June 11, 2024.

Expert predicts new exchange rate

Earlier, Legit.ng reported that Economist Bismark Rewane has projected a favourable exchange rate performance for the naira against the US dollar.

The financial expert also forecasted a slight drop in inflation to 23.15% and a 50 basis point cut in the Monetary Policy Rate.

He cited data indicating that the Central Bank of Nigeria has implemented effective measures to manage money supply growth

Source: Legit.ng