Victor EzejaThe Nigerian naira on Wednesday, 9 July, recorded a four-month high of N1,520 per dollar at the official foreign exchange market.
The last time the naira traded around that range was on 7 March 2025 when it exchanged N1,517.24 for one United States Dollar, according to the Nigerian Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelThe NFEM rate of N1,520.74 on Wednesday reflects a gain of N8.48 against the dollar when compared to N1,529.22 recorded on Tuesday, 8 July.
The CBN data also showed that the naira traded between a high of N1,530 and a low of N1,520 at the official market window on Wednesday.
READ ALSO: Naira Opens Week With Gain Across FX Markets
Similarly, the local currency recorded appreciation at the parallel market, also known as the black market on Wednesday, rising to N1,550 from N1,560 on Tuesday. This reflects N10 gain at the black market.
The naira averaged N1,556 per dollar at the official market in the first half of 2025.
The local currency has maintained stability in the foreign exchange market in recent times. With the current positive performance, analysts from Deutsche Bank and also CardinalStone expect the Nigerian currency to end the year near 1,556 naira per dollar — its average exchange rate in the first six months of 2025.
CardinalStone analysts also estimated that if the naira sustains its gains, Nigeria’s foreign exchange (FX) reserves would hit $41 billion by the end of the year.
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.
