New Exchange Rate for Naira Against US Dollar As CBN Announces External Reserves Balance
- The value of the naira continues to remain strong against the US dollar in both the official and parallel (black market) exchange rate markets
- The latest positive movement is driven by ongoing reforms by the Central Bank of Nigeria (CBN) and its efforts to defend the naira
- In more good news, the CBN has announced that Nigeria’s external reserves have once again crossed the $40 billion mark
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 value of the naira was unchanged against the US dollar after trading on Wednesday, July 23.
Latest data from the Central Bank of Nigeria showed that the Nigerian currency closing Nigerian Foreign Exchange Market (NFEM) exchange rate was N1,535.
Source: Getty Images
This was the rate the naira closed the previous day, Tuesday, July 22.
In the parallel market, also known as the black market, Bureau de Change operators told Legit.ng that the naira appreciated again against the US dollar.
Abdulahhi gave the latest rate as follows:
"A dollar is sold at N1,535 and improvemnt from N1,538 yesterday. While the pound and euro is sold N1,768 and N2,100."
With the latest updates, it means the official and black market exchange rates have now converged.
FX inflows, which climbed to $1.31 billion week-on-week, largely driven by renewed interest from foreign portfolio investors (FPIs), have helped narrow the gap between the official and parallel market rates to just N2 per dollar.
More good news for naira
The CBN, in its last Monetary Policy Committee (MPC) meeting, which ended on Tuesday, it expressed confidence in its foreign exchange market reforms.
Olayemi Cardoso, Governor of the CBN, shared that gross external reserves had reached $40.1 billion as of July 18, 2025, a good news as it provides about 9.5 months of import cover for goods, easing pressure on naira.
However, figures on the CBN’s website indicate that gross reserves stood at $37.93 billion on July 18, 2025, and increased to $38.24 billion by Monday, according to BusinessDay.
Speaking to journalists, Cardoso highlighted continued stability in the FX market, driven by stronger capital inflows, improved earnings from crude oil production, rising non-oil exports, and a notable drop in aggregate imports.
Source: Getty Images
According to a report from Access Bank’s research department, the FX market witnessed active trading last week, with increased demand-side participation leading to a marginal depreciation of the naira.
Heading into this week, analysts expect the exchange rate to remain relatively stable around current levels in the near term, barring any major changes in market fundamentals.
Customs removes cost of collection, other fees
Earlier, Legit.ng reported that the Nigeria Customs Service plans to eliminate the 7% Cost of Collection and 1% Comprehensive Import Supervision Scheme (CISS) fees by reintroducing a 4% Free on Board (FOB) fee.
At a recent town hall meeting, stakeholders commended the adoption of the B'Odogwu platform, an indigenous Unified Customs Management System, for enhancing trade compliance.
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Source: Legit.ng
