Victor EzejaThe Nigerian naira soared to a two-month high of N1,553.11 per dollar on Thursday, 5 June 2025 at the official foreign exchange (FX) market.
The last time the naira traded close to this rate was on 3 April 2025 when the dollar exchanged at N1,552.53 in the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelThe local currency gained N12.35 with the NFEM rate of N1553.11 on Thursday or a 0.79 per cent gain when compared to N1,565.46 recorded on Wednesday, 4 June at the official FX market window.
The CBN data also showed that the naira traded between a high of N1,560 and a low of N1,545.
Prime Business Africa reports that this is the fourth consecutive time the naira is appreciating against the dollar at the official exchange market, within the week. From N1,581.58 traded on Monday, 2 June 2025, it appreciated to N1,579.27 on Tuesday, and N1,565.46 on Wednesday.
At the parallel or black market segment, the naira also appreciated to N1,590 per dollar on Thursday, from N1,610 recorded on Wednesday, reflecting a N20 gain.
On a week-on-week basis, the naira gained N33.04 against the dollar at the official foreign exchange market. This is gleaned from the CBN’s exchange rate data, which showed that the naira was quoted at N1,585.15 against the greenback on Friday, 30 May 2025.
This represents a 2.1 per cent gain in the period under review.
The Nigerian naira has shown some signs of stability in the foreign exchange market in recent times.
The CBN has been actively managing forex supply, including direct interventions in the official market and tightening monetary policy to curb inflation.
The CBN Governor, Dr Olayemi Cardoso, affirmed that the relative stability of the naira in the foreign exchange market in recent times is the result of strategic reform efforts undertaken by the apex bank. While noting that the foreign exchange reforms has led to significant narrowing of the gap between the official and parallel exchange rates, Cardoso said it has effectively reduced distortion in market.
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“Thanks to our sustained reforms and enhanced policy transparency, the naira has stabilised at a far more sustainable level relative to the U.S. dollar. For the first time in years, the disparity between the official and parallel market rates has virtually disappeared, and speculative arbitrage opportunities have been drastically reduced,” Cardoso stated.
The CBN Governor emphasised that a key factor in restoring investor confidence had been the return of relative currency stability.
He pointed out that it had consequently prompted an increase in autonomous foreign exchange inflows via official channels, contributing to Nigeria’s diversification of foreign exchange sources away from its long-standing reliance on oil.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
