The US dollar exchange rate against the Nigerian currency has depreciated in the foreign exchange market
Recent data released by the Central Bank of Nigeria (CBN) indicates that the official dollar rate has been declining for seven consecutive days.
Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), spoke to Legit about the challenges faced by Bureau de Change operators in securing recapitalization funds mandated by the CBN.. …CONTINUE READING
The value of Nigerian currency, the naira, has appreciated against the United States dollar in the official markets as trading activities resume after the public holiday.
Data from the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,540 per dollar at the end of trading on Tuesday, June 10, 2025.
Tuesday’s exchange rate is a 0.70% or N11 appreciation for the naira when compared to the closing rate of N1,551/$ recorded in the official market on Thursday, June 5, before the holiday.
On Tuesday, June 10, the Nigerian naira appreciated further against the pound sterling at the NAFEX window, gaining N28.25 to close at N2,083.37/£1 compared to N2,111.62/£1 on Thursday, June 3.
It also strengthened against the euro by N20.69, settling at N1,760.89/€1 from the previous N1,781.58/€1.
In the parallel market, also known as the black market, it was the same story for the naira against the dollar after the holidays.
Abudullahi, a trader who spoke to Legit.ng, confirmed that the dollar appreciated against the Nigerian currency.
He said: “We sold the dollar at N1,610 on Tuesday and buy at N1,597/$1 this is anappreciation from the previous selling rate of N1,615 and buying rate of N1,600.
The same trend was observed for other major currencies.
Another trader also confirmed that. “The pound sterling was sold at N2,150/£1 on Tuesday and selling rate at N2,130/£1 on while the euro sells at N1,795/€1 and N1,780/€1.”
Snapshot of naira rates in official market
Based on CBN published rates, here is a breakdown of the naira’s performance against other foreign currencies in the NAFEM market.
CFA Franc: N2.70
Chinese Yuan (Renminbi): N214.33
Danish Krone: N236.04
Euro: N1,760.89
Japanese Yen: N10.64
Saudi Riyal: N410.61
South African Rand: N87.13
Swiss Franc: N1,874.22
British Pound Sterling: N2,083.38
