Victor Ezeja
The naira has been on a positive trajectory in recent weeks, maintaining relative stability and a modest appreciation across foreign exchange market windows.
The local currency ended last week on a positive note, recording a two-month high of N1,553.11 per dollar on Thursday, 5 June 2025, at the official foreign exchange market, according to the Central Bank of Nigeria (CBN) data.
Join our WhatsApp ChannelAt the parallel or black market segment, the naira also appreciated to N1,590 per dollar on Thursday, from N1,610 recorded on Wednesday, reflecting N20 gain.
On a week-on-week basis, the naira gained N33.04 against the dollar at the official foreign exchange market.
The CBN has continued to intervene in the Foreign exchange market to boost liquidity and ensure stability of the naira.
Analysts have raised concerns that the new policy of the CBN, which mandates Bureau De Change (BDC) operators to renew their licences and meet new capital requirements, may shut out many of the BDCs who fail to meet the 3 June 2025 deadline. This, they argued, could affect many end users who rely on the retail market for the supply of FX they need for various international business transactions.
READ ALSO: Naira Maintains Stability, Records Two-month High Of N1,553 Per Dollar
Bismarck Rewane, the Chief Executive Officer (CEO) of Financial Derivatives Company, has projected that the naira will trade between N1,600 and N1,650 in the official foreign exchange market in June, July.
Analysts at the research division of FSDH Merchant Bank Limited urged the CBN to remain proactive in managing the FX market. They stressed the importance of staying the course on reforms that enhance investor trust and improve market liquidity.
The analysts, however, cautioned that relying only on monetary policies won’t be enough to achieve sustained economic stability. They noted in their latest economic report that in order to fight inflation, promote macroeconomic balance, and guarantee the sustainability of growth, structural changes and improved fiscal restraint would also be essential.
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.
