Dollar Crash: Naira Exchange Rate Strengthens to Highest Level in 7 Months
- The Nigerian naira continues to grow stronger against the US dollar, leaving many traders surprised by the achievement
- New data shows that in both the official and unofficial markets, the naira has increased in value and is set to fall below N1,500.
- The CBN is preparing to hold its next Monetary Policy Meeting, where it will likely make further decisions to solidify the naira’s recovery
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.
Naira strong performance in the official and unofficial foreign exchange markets continued on Wednesday, September 10.
In the official market, the Central Bank of Nigeria latest data showed that at the Nigerian Foreign Exchange Market (NAFEM), the Nigeria currency gained 0.33% to close at N1,501.29 per dollar.
Source: Getty Images
This represents an appreciation of 0.33% when compared to N1,506.21 it closed the previous day.
The last time naira has exchange at N1,502 in the official market was in the first week of February 2025, 7 months ago.
Naira against pounds, euro
The value of the naira has also appreciated against the British pound sterling and the euro.
CBN data revealed that noted the naira advanced the Pound Sterling at the official market yesterday by N3.85 to sell for N2,034.79/£1 compared with the previous day’s N2,038.64/£1.
Similarly it gained N6 against the Euro to quote at N1,759.37/€1 versus the previous day’s N1,765.73/€1.
Snapshot of other currencies exchange rate
- CFA: N2.70
- Yuan/Renminbi: N210.75
- Danish Krona: N235.64
- Euro: N1,759.37
- Yen: N10.18
- Riyal: N400.05
- South African Rand: N85.67
- Swiss Franc: N1,883.44
- Pounds Sterling: N2,034.79
Source: Getty Images
Naira performance in black market
In the black market, the naira also appreciated against the dollar and other currencies.
Currency traders who spoke to Legit.ng expressed surprise at how well the naira has performed.
Abdullahi, one of the traders, gave the latest exchange rate:
“The naira’s latest selling rates in the parallel market are N1,533 for the dollar, These rates show a slight improvement from N1,535
"But there is no changes for N1,783 for the euro, and N2,080 for the pound sterling."
CBN policy meeting date set
The CBN's Monetary Policy Committee (MPC) is scheduled to hold its 302nd meeting from Monday, September 22, to Tuesday, September 23, 2025.
Naira performance and inflation rate will shape the discussion and eventual decision on interest rate.
Forex liquidity improve in Nigeria
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has showed an increase in external reserves.
Reserves rose by $173.88 million, or +0.47%, to $37.36 billion, reversing the previous week’s decline of $138.3 million.
This buffer is expected to help the CBN continue its defence of the naira through targeted FX interventions.
Source: Legit.ng
