Naira Appreciates Against US Dollar at Official Market, CBN Releases Latest Exchange Rates
- The naira appreciated against the United States dollar in the foreign exchange markets
- The currency also gained against the British pound at the official and unofficial exchange markets
- The Central Bank of Nigeria released the latest exchange rate changes for the naira against several currencies
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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 Nigerian currency, the naira, appreciated against the United States dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 4, 2025.
New data showed that the naira gained N1.29 or 0.08% to close at N1,531.95, compared to N1,533.94/$1 exchange rate last Friday.
Source: Getty Images
The naira also gained slightly against the British pound, appreciating by 23 Kobo to trade at N2,038.26/£1, up from the previous session’s rate of N2,038.49/£1.
However, it weakened against the euro, losing N18.54 to settle at N1,774.00/€1, compared to N1,755.46/€1 in the last trading session.
The Nigerian currency has remained relatively stable across various segments of the forex market, supported by rising external reserves and steady earnings from crude oil exports
It was revealed that Nigeria's oil production has surpassed 1.8 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Crude oil remains the country's main source of foreign earnings, which will provide CBN support to defend the currency from pressure.
Nigeria's foreign reserves rose to $39.54 billion as of August 1, 2025.
Naira in the black market
In the parallel market also known as the black market, there were no changes for the naira against the dollar on the first trading day of the week.
Legit.ng spoke to several Bureau de Change operators, who confirmed the naira's latest exchange rates.
Abudullahi, one of the BDC traders, told Legit.ng:
"On Tuesday, August 5, 2025, the dollar buying rate remained unchanged at N1,552, while the selling rate also held steady at N1,562.
"The euro is selling at N1,785, with a buying rate of N1,795 up from N1,775 and N1,765, respectively, the previous day.
"The British pound sterling is selling at N2,095, with a buying rate of N2,075, reflecting a slight increase from Monday’s N2,090 and N2,070."
Source: Getty Images
Here are other currencies' exchange rates
The CBN also provided the updated currency exchange rate changes below:
- CFA: N2.67
- Yuan/Renminbi: N213.47
- Danish Krona: N237.68
- Euro: N1,774.00
- Yen: N10.40
- Riyal: N408.31
- South African Rand: N85.29
- Swiss Franc: N1,896.45
- Pound Sterling: N2,038.26
- WAUA: N2,074.25
Top Nigerian bank predicts new exchange rate
Earlier, Legit.ng reported that FBNQuest Merchant Bank projected that the naira will end the year at N1,662 per dollar, exchange rate.
The Lagos-based research and investment bank’s analysts gave the prediction in its mid-year outlook titled Steering the Course: From Volatility to Stability.
It noted that the naira remained relatively stable throughout the year due to sustained Central Bank of Nigeria (CBN) interventions and tight monetary policy.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
