Traders Quote New Exchange Rate as US Dollar Crashes by N48

• The value of the dollar has once crashed against the naira in both official and unofficial foreign exchange markets
• The latest exchange rate movement for naira following the intervention from the Central Bank of Nigeria
• The naira's performance in the past few weeks has also been helped by President Trump's actions

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 United States dollar has depreciated once again in the foreign exchange market as the naira gains more ground.

New data from the Central Bank of Nigeria showed that the naira in the Nigerian Foreign Exchange Market (NAFEM) closed at N1,537 on Friday, June 28.

The latest rate represented a N6 or 0.38% difference when compared to the previous day’s value of N1,543/$1.

During trading on Friday, participants quoted the highest rate for dollar at N1,547 and the lowest rate N1,535

Naira vs pound, euro

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

Data shows that naira depreciated against the pound sterling in the same market segment on Friday by N5.40 to sell at N2,112.29/£1, compared to Thursday’s N2,106.89/£1,.

Nigerian currency also lost N8.15 against the euro to settle at N1,805.67/€1, down from N1,797.52/€1 the previous day.

Here is major currencies exchange rate on Friday, June 27

• CFA: N2.72
• Yuan/Renminbi: N214.61
• Danish Krone: N241.95
• Euro: N1805.68
• Yen: N10.64
• Riyal: N410.40
• South African Rand: N86.33
• Swiss Franc: N1925.73
• Pounds Sterling: N2112.29

Naira exchange rate at the black market

At the parallel market window, also known as the black market, the naira continues to stay strong.

Abdullahi a BDC trader told Legit.ng that the naira has increased in value by N48 since the start of June 2025.

According to him the dollar was sold at the start of June at N1,620 exchange rates which has now dropped to N1,572.

He said:

"The naira has improved significantly this month. On Friday I sold the dollar at N1,572 while I buy at N1,560. In the start of June a dollar was prized at around N1,620.

"For the euro on Friday we sold at N1,800 and bought at N1,785. The Pound sterling sells at N2,150 and is bought at N2,130."

CBN intervene in forex market

Earlier, Legit.ng reported Nigeria’s foreign exchange reserves increased slightly by $12.06 million to $38.36 billion, after falling for nine straight weeks.

Nigeria’s foreign exchange reserves dropped continuously for 33 days, losing over $1.3 billion.

The CBN’s interventions in the forex market added more strain on the reserves, which are already under pressure from foreign debt payments and lower oil revenues.

However, the recent slight increase in reserves has provided some relief, helping the naira strengthen against the dollar and other major currencies in both official and parallel markets.

Source: Legit.ng