N1,533/$: New Naira to Dollar Exchange Rate in Official, Black FX Markets
- The value of the Nigerian currency, the naira, appreciated against the US dollar in the official and unofficial markets
- There was also positive price movement for the naira against the pound sterling and euro in the forex markets
- The International Monetary Fund’s (IMF) upward revision of Nigeria’s 2025 economic growth forecast
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira extended its appreciation against the United States dollar in the Nigerian Foreign Exchange Market (NFEM) and also in the black market.
Data from the Central Bank of Nigeria showed that in the NFEM, which is the official market, the naira closed at N1,533.29/$1 on Tuesday, July 29.
Source: Getty Images
Tuesday's exchange rate is a slight N1.10 or 0.07% appreciation for the naira when compared to the closing rate of N1,534.20 recorded in the official market on Monday.
The naira also appreciated further against the pound sterling in the official market during the session by N17.78 to settle at N2,041.59/£1.
It was the same for the naira against the euro, as it appreciated to sell for N1,766.84/€1 versus the N1,786.74/€1 it was transacted a day earlier.
Naira improves against dollar at black market
In the parallel market, also known as the black market, it was the same story for the naira against major foreign currencies.
According to Abudulahhi, a BDC trader, the naira weakened slightly as demand for foreign exchange remained strong.
"We bought the dollar at N1,540 and sold at N1,550 on Tuesday
"For other currencies, the euro was exchanged between N1,770 and N1,785, while the pound traded between N2,080 and N2,100."
Snapshot of naira rates in official market
Based on CBN published rates, here is a breakdown of naira's performance against other foreign currencies in the NAFEM market.
- CFA: N2.72
- Yuan/Renminbi: N213.55
- Danish Krone: N236.79
- Euro: N1,766.84
- Japanese Yen: N10.31
- Saudi Riyal: N408.75
- South African Rand: N85.29
- Swiss Franc: N1,898.21
- Pound Sterling: N2,041.59
Source: Getty Images
IMF positive about Nigerian economy
The International Monetary Fund (IMF) has reviewed Nigeria’s 2025 economic growth forecast to 3.4%, from the 3.0% projection in its April 2025 World Economic Outlook (WEO).
The global lender signals renewed optimism about Nigeria’s near-term economic prospects despite global uncertainties and domestic macroeconomic challenges, adding that the upgrade is driven by more favourable financial conditions, a temporary easing in tariff pressures, and resilient trade activity.
CBN unveils new plan for Nigeria’s foreign reserves
Earlier, Legit.ng reported that the CBN has announced plans to diversify Nigeria’s foreign reserves.
The apex bank wants to reduce reliance on the US dollar and include other currencies and assets.
The announcement was made by Olayemi Cardoso, Governor of the CBN, during the opening of the Afreximbank Annual Meetings (AAM) held in Abuja.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
