Expert Predicts New Exchange Rate As Naira Appreciates Against US Dollar
- The naira has appreciated in the foreign exchange markets, and there are expectations that there will be more good news
- Data showed that in the official market, the naira's value rose by 43% while in the black market by N5
- Bismark Rewane, the CEO of Financial Derivatives Company Limited, has shared his forecast for the naira by the end of 2024
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The value of the naira improved against the United States dollar in the official and unofficial foreign exchange markets.
According to the Central Bank of Nigeria data, the naira in the Nigerian Foreign Exchange Market (NFEM) window closed at N1,530 a dollar on Friday, August 15.
Source: Getty Images
The new exchange on Friday is a N4 or 0.26% appreciation when compared to the N1,534 closing rate on the previous day.
However, the naira depreciated against the pound sterling in the official market during the trading day by 50 Kobo to sell for N2,078.39/£1 versus Thursday’s closing price of N2,077.89/£1.
It also dropped by N2.87 against the Euro to quote at N1,791.36/€1, in contrast to the previous session’s N1,788.49/€1.
Naira exchange rate black market
In the black market, the naira improved against the dollar as pressure ease in the market.
Abudullahi a BDC trader told Legit.ng
"On Friday, August 15, 2025, the U.S. dollar traded at N1,536/$1 (buy) and N1,548/$1 (sell), compared with N1,542/$1 (buy) and N1,550/$1 (sell) recorded on Thursday.
"The euro traded at N1,780/$1 (buy) and N1,795/$1 (sell), while the pound traded at N2,070/$1 (buy) and N2,090/$1 (sell).”
Snapshot of the latest exchange rates
- CFA: N2.73
- Yuan/Renminbi: N213.43
- Danish Krone: N239.98
- Euro: N1,791.36
- Yen: N10.43
- Riyal: N408.34
- South African Rand: N87.20
- SDR: N2,099.70
- Swiss Franc: N1,901.15
- Pound Sterling: N2,078.40
Source: Getty Images
Experts share expectations for the naira
The CBN has continued to back the naira with sizeable forex sales and analysts are expecting stability for the naira.
For example, analysts at Cordros Capital Limited a note.
“We expect sustained inflows from foreign portfolio investors (FPIs) due to existing carry trade opportunities and stronger market confidence."
Also, Bismark Rewane, CEO of Financial Derivatives Company Limited, has projected that the naira will close at N1,492/$ in 2025.
The positive outlook, he said, is driven by the domestication of corporate debt, diaspora inflows and remittances, and a likely Eurobond issuance.
He noted that these factors are expected to improve dollar supply and reduce pressure on the exchange rate.
Top Nigerian firm predicts new naira to dollar exchange rates
Earlier, Legit.ng reported that Comercio Partners has projected that the naira could appreciate to below N1,400 per dollar in the Nigerian foreign exchange market.
This was disclosed in its 2025 H2 economic outlook report titled “reconfiguration: from global trade to quantum innovation – a new economic era emerges."
The report pointed to positive indicators, including sustained government reforms, a weaker U.S. dollar, and robust oil earnings.
Source: Legit.ng
