Naira Exchanges at N1490/$ at Black Market, CBN Releases Official Exchange Rates
- The Naira gained in the official foreign exchange markets but fell in the unofficial FX markets
- Traders confirmed to Legit.ng that the naira also appreciated on Tuesday in the black market
- Analysts expect continued naira stability in the official market amid rising external reserves of $46.01 billion.
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 naira exchange against the United States dollar in the parallel market also known as the black market at N1487 on Tuesday, January 27.
Several traders who spoke to Legit.ng confirmed the new selling rates for the dollar, indicating an appreciation from the previous rate of N1490.
Source: Getty Images
Abdullahi one of the traders who spoke to Legit.ng said:
“I sold the US Dollar at N1,470 and bought at N1,487, the Pound Sterling at N1,985 and N2,025, and the Euro at N1,720 and N1,755 on Tuesday. Previous day the dollar was sold at N1,485."
The market is unstable right now because we are unsure of the market direction."
Naira in the official market
The naira strengthened against the dollar across multiple segments of the foreign exchange (FX) market on Monday, January 26, though it remained flat at N1,430/$1 at GTBank’s forex desk at the close of trading.
On the Nigerian Foreign Exchange Market (NAFEM) window, the currency gained N2.68 or 0.19% against the dollar, closing at N1,418.95/$1, compared with last Friday’s N1,421.63/$1.
The local currency also strengthened against other major currencies in the official market, gaining N3.05 against the Pound Sterling to settle at N1,921.12/£1 and N3.60 against the Euro to close at N1,682.31/€1.
FX reserves on the rise
Analysts expect the naira to maintain this momentum in the near term, supported by improved FX market efficiency, higher capital inflows, a current account surplus, sustained diaspora remittances, and broad-based economic recovery.
Source: Getty Images
Nigeria’s external reserves have continued their upward trajectory, reaching an eight-year high of $46.01 billion as of January 22, 2025, according to the CBN.
The last time reserves were at this level was on August 24, 2018, when they stood at $46.09 billion.
Official Exchange Rates (Naira per Unit)
- CFA – N2.54
- Yuan/Renminbi – N204.03
- Euro – N1682.31
- Yen – N9.21
- Riyal – N378.39
- South African Rand – N88.33
- Swiss Franc – N1824.32
- Pounds Sterling – N1921.12
- US Dollar – N1418.95
Customs exchange rate updated
Earlier, Legit.ng reported that the Central Bank of Nigeria has adjusted the customs exchange rate used for clearing goods at the nation’s ports and airports.
The new rate shows a modest increase, reflecting the naira’s recent performance in the official foreign exchange market.
Customs adopt the closing FX rate on the date of opening Form M for the importation of goods, as the FX rate to be used for Import Duty Assessment.
Source: Legit.ng
