Naira Crashes in Official Market, Depreciates by N10 Against US Dollar
- The naira’s value has depreciated against the dollar on Thursday, July 10, 2025, in the official foreign exchange market
- Data from the Central Bank of Nigeria (CBN) showed that the local currency lost about N10 to the US greenback
- The development comes as the naira faced a slight volatility after weeks of gains due to foreign portfolio investors (FPIs)
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian currency, the naira, depreciated against the dollar in the Nigerian Foreign Exchange Market on Thursday, July 10, 2025.
The development shows a slight pressure from increased corporate demand for foreign currencies.
Source: Getty Images
The naira depreciates in the FX market
Data from the Central Bank of Nigeria (CBN) shows that dealers quoted the naira at N1,530.98 per dollar, showing that the naira’s value declined by more than N10 from N1,520.74 the previous day.
According to AIICO Capital Limited, in the first half of the year, the CBN maintained an aggressive stance in supporting the naira with about $5 billion in six months.
The company said that the interbank NFEM rate remained relatively liquid with the dollar/naira pair trading between N1,520 and N1,531.
External reserves increase
Per CBN data, the naira depreciated to close at N1,525.98, which is the official NFEM rate amid fresh inflows into Nigeria’s foreign reserves.
The data showed that gross FX reserves rose to $37.32 billion, with a daily increase of $47.11 million.
AIICO Capital predicts that the exchange rate would remain steady in the near term, saying that the current market conditions support stability at present levels.
Oil prices fall, gold prices rise
Meanwhile, oil prices dropped by two per cent on Thursday, July 10, 2025, as investors weighed the effect of the US President’s tariffs on global economic growth.
Market Forces Africa disclosed that Brent crude prices were down $1.42 at $68.77 per barrel, while WTI crude dropped 2.35% to $66.77 per barrel.
Spot gold rose by 0.2% to $3,318.56 per ounce, while US gold futures gained 0.2% to $3,328.30.
Source: Getty Images
According to reports, analysts say that the market will remain in an uncertain mode due to erratic policymaking and the Trump administration’s flexible approach to tariffs.
CBN crashes the import dollar rate
Legit.ng earlier reported that a new Customs import duty rate, released by the Central Bank of Nigeria (CBN), shows that importers will pay the same rate as the latest official foreign exchange rate.
This is as the Nigerian currency rebounded in the FX market after a one-day loss. According to data from the official government trade portal, the apex bank fixed the import duty rate at N1,520.249, the same rate as the official exchange rate, from N1,528 per dollar.
The development means that importers opening Form M as of Thursday, July 10, 2025, will pay less to clear goods than those who opened the form the previous day.
Source: Legit.ng
