Dollar Crashes in Black Market, Traders Share New Exchange Rate
- Nigerian currency, the naira recorded a mixed performance in July 2025 as it depreciates in official market but appreciates in black market
- In the official market the naira depreciated 0.25% against while in the unofficial markets the value of the naira rose by N10
- The Central Bank of Nigeria also revealed that Nigeria's external reserves rose in the month by over $2 billion
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 foreign exchange market in July 2025 was mixed as the naira struggled in the Nigerian Foreign Exchange Market (NFEM) despite high hopes.
Data obtained from the Central Bank of Nigeria revealed that the value of the naira closed on the last trading day, Thursday, July 31, at an exchange rate of N1,533.55.
Source: Getty Images
Thursday's exchange rate indicates that in one month, the value of the naira depreciated by 0.25% or N3.98, from N1,529.57 quoted on July 1, 2025.
However, against the pound sterling and the euro, the value of the naira improved in the official market by N13.71 to finish at N2,025.52/£1 compared with the N2,039.23/£1 it was traded at on Wednesday.
While against the euro, naira improved by N9.08 to quote at N1,751.63/€1, in contrast to the preceding day’s N1,760.71/€1.
Snapshot of official exchange rates
The CBN also provided the closing currency exchange rate for July as follow:
- CFA: N2.70
- Yuan/Renminbi: N213.00
- Danish Krona: N234.68
- Euro: N1,751.63
- Yen: N10.18
- Riyal: N408.82
- South African Rand: N84.77
- SDR: N2,087.78
- Swiss Franc: N1,885.36
- Pounds Sterling: N2,025.52
- US Dollar: N1,533.55
- WAUA: N2,088.37
Source: Getty Images
Naira in the black market
Legit.ng spoke to several Bureau de Change operators who confirmed that the value of the naira improved in July.
Abudullahi, one of the BDC traders said:
"At the start of the month, July 1st, I sold the dollar at N1,565. But by August 1st, I was selling it for N1,555. The naira gained N10 within that period.
"The euro also dropped. I was selling it for about N1,810 at the beginning of July, but on August 1st, it went for around N1,765.
"For the pound, it was between N2,130 and N2,150 in July. Now I’m selling it at N2,095. The naira has strengthened slightly."
Nigeria foreign reserves
The CBN also revealed that Nigeria’s foreign reserves climbed to $39.35 billion as of July 30, 2025, reflecting a 5.8% or $2.16bn increase from $37.19 billion at the beginning of the month.
Tanzania bans use of dollar
Earlier, Legit.ng reported that the Bank of Tanzania has instructed citizens to stop the use of foreign currencies, including the US dollar, for all local transactions and payments.
The new foreign exchange regulations were published in the Government Gazette on March 28, 2025.
The ban by the government aims to stop the ongoing depreciation of the Tanzanian shilling against the dollar.
Source: Legit.ng
