Naira Ends July at ₦1,533.55 Per Dollar, CBN Reserves Rise to $39.36bn
- The Nigerian naira ended July positively, strengthening by to N1,533.55 per dollar on Thursday, July 31, 2025, from N1,534.52 the previous day
- However, compared to June, the local currency depreciated by 0.25% after a mid-month gain in the official window
- Since mid-July, the naira traded in a relatively tight band between ₦1,530/$ and ₦1,535/$, a shift many analysts attribute to CBN interventions
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The naira ended the month of July 2025 at ₦1,533.55/$ on the official market, slightly weaker than its June closing rate of ₦1,529.71/$, according to data from the Central Bank of Nigeria (CBN).
This 0.25% dip comes after a mid-month rally, when the naira reached its strongest level in four months, trading at ₦1,518/$ on July 14.
Source: Getty Images
CBN actions and forex inflows fuel calm
That performance marked the first time the currency had strengthened below ₦1,520/$ since March, signalling a period of improved confidence.
Since mid-July, the naira has traded in a relatively tight band between ₦1,530/$ and ₦1,535/$, a shift many analysts attribute to CBN interventions and increased forex supply from foreign investors.
The Central Bank's market actions appear to be bearing fruit. Its steady supply of forex into the Nigerian Foreign Exchange Market (NFEM) and improved investor sentiment have helped reduce volatility.
Foreign reserves surge to a high in 33 months
These efforts have also narrowed the spread between the official and parallel market rates, thereby curbing speculation in the black market.
In the parallel market, the naira depreciated marginally by 32 basis points on Thursday, July 31, to ₦1,545/$, according to figures from CardinalStone.
However, this slight movement reflects a stabilising trend rather than major volatility.
Supporting the naira’s performance is a steady rise in Nigeria’s gross external reserves. As of July 30, 2025, the reserves stood at $39.36 billion, up from $37.19 billion at the start of the month.
Earlier in July, CBN governor, Olayemi Cardoso revealed the reserves had temporarily surpassed $40 billion, their highest level in nearly three years.
Speaking during a symposium in Abuja, Cardoso linked the progress to the Bank’s reform strategies and unveiled a compendium titled “Promoting Stability in an Era of Economic Reforms.”
The publication marked the first anniversary of the CBN’s current leadership.
Global dollar strength poses future risks
While the naira finds short-term stability, the US dollar is gaining global strength, which could pose future risks for emerging markets like Nigeria.
The dollar index is on track for its first monthly gain of 2025, with a 4.4% increase in July—its biggest since December 2024.
Despite pressure from US political figures, the Federal Reserve held interest rates steady this week, and Fed Chair Jerome Powell said there’s “no rush” to cut rates.
The dollar also strengthened against the Japanese yen, reaching 150.44, its highest level since May 28.
Cautious optimism for August
Analysts say Nigeria’s monetary authorities have made notable progress in calming the forex market.
Still, the strengthening US dollar and global economic uncertainties mean that continued vigilance is essential.
Source: Getty Images
For now, however, July closes on a relatively positive note for the naira—and cautious optimism for the months ahead.
Naira trades steady as dealers buy dollar at new rate
Legit.ng earlier reported that the naira traded flat at N1,534 per dollar in the Nigerian Foreign Exchange Market on Monday, July 28, 2025, following the latest forex interventions of $81 million by the Central Bank of Nigeria (CBN).
CBN data on Monday showed that the naira settled at N1,534.20 per USD at the official market, slightly up from N1,534.71 at the close of trading on Friday, July 25, 2025.
Currency dealers quoted the dollar spot rate at an intra-day high of N1,533.50 and a low of N1,530, which shows possible demand pressure.
Source: Legit.ng
