CBN Announces New Naira Exchange Rates as US Dollar Crashes to Lowest Level in 4 Months

• The value of Nigerian currency has appreciated against the dollar in the foreign exchange market
• Latest data released by the CBN shows that the naira's current exchange rate in the official window is a four-month high
• The strong performance of the naira is driven by improved liquidity and a moderation in demand

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 Nigerian currency, the naira, has appreciated against the United States dollar in the official market.

Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,528 per dollar at the end of trading on Monday, July 14.

Tuesday's exchange rate is a 0.21% or N3.35 appreciation for the naira when compared to the previous day's closing rate of N1,532 recorded in the official market.

The NFEM rate for Tuesday was N1,518.88, while the dollar was traded as high as N1,532 and as low as N1,515.

The current exchange of the naira is driven by improved liquidity and a moderation in demand for the US currency across FX windows, BusinessDay reports.

The last time the naira traded at a stronger level was on March 14, 2025, when it closed at N1,517.93 per dollar.

Naira vs pound and euro

In a similar movement, the naira appreciated against the Pound Sterling in the official market on Monday by N24.17 to close at N2,042.14/£1 versus the previous trading day’s N2,066.31/£1.

While the naira firmed up against the Euro by N13.90 to sell for N1,774.67/€1, in contrast to the preceding session’s N1,788.57/€1

Naira improves against dollar at black market

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

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

"We sold the dollar at N1,535/$1 on Monday compared with the N1,540/$1 it was exchanged at the close of last week."

Snapshot of naira rates in official market

Based on CBN published rates, here is a breakdown of the naira's performance against other foreign currencies in the NAFEM market.

• CFA: N2.72
• Yuan/Renminbi: N211.92
• Danish Krona: N237.76
• Euro: N1,774.67
• Yen: N10.30
• Riyal: N404.98
• South African Rand: N84.85
• Swiss Franc: N1,973.61
• Pounds Sterling: N2,042.14

Foreign reserves record gains

Earlier, Legit.ng reported that the Central Bank of Nigeria's foreign reserves recorded their first gain in more than five months.

This will come as a welcome development for the CBN as it fights to help the Naira recover in the foreign exchange market.

Forex supply has always been a major reason the Naira has come under intense pressure in both the black and official markets.

Source: Legit.ng