Naira Exchange Rate Weakens Against US Dollar In Official, Black Market
- The value of the naira opened the new week on a weak note against the United States dollar in both official and unofficial markets
- Data from the CBN showed that the naira weakened by N1.04 against the dollar in the official market and also lost N10 in the black market
- Pressure persists in the foreign exchange market despite an increase in the federal government’s FX reserves
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 naira kicked off the new week on a low against the United States dollar in the official and unofficial markets.
In the parallel market, also known as the black market, several Bureau de Change operators confirmed that the naira closed weaker to the US dollar.
Source: Getty Images
Abudullahi, one of the BDC traders, told Legit.ng:
“The dollar buying rate moved from N1,542 to N1,554, while the selling rate rose from N1,550 to N1,563. The euro buying rate changed from N1,780 to N1,775, while the selling rate declined slightly from N1,795 to N1,790.
"The British pound sterling buying rate increased from N2,070 to N2,075, while the selling rate dropped from N2,090 to N2,085.”
Naira exchange rate in official market
Similarly, the naira declined against the US dollar in the Nigerian Foreign Exchange Market (NFEM) on Monday, August 19, 2025.
CBN data showed that the naira weakened by N1.04 or 0.07% to close at N1,533.77/$1, in contrast to last Friday’s value of N1,532.73/$1.
However, the naira appreciated against the Pound Sterling in the official market on Monday by N1.50 to trade at N2,076.89/£1 compared with the preceding session’s N2,078.39/£1 and lost N1.11 against the Euro to close at the rate of N1,791.36/€1 versus N1,790.25/€1.
There is pressure on the naira in the forex market amid a slowdown in forex supply from the Central Bank of Nigeria (CBN).
Analysts disclosed that the CBN did not make any direct interventions last week.
However, there is an expectation of intervention due to improved FX liquidity from the increase in forex reserves.
Source: Getty Images
Here are other currencies' exchange rates.
The CBN also provided the updated currency exchange rate changes below:
- CFA: N2.73
- Yuan/Renminbi: N213.57
- Danish Krone: N239.82
- Euro: N1,790.25
- Yen: N10.38
- Riyal: N408.72
- South African Rand: N87.04
- SDR: N2,100.06
- Swiss Franc: N1,898.11
- Pound Sterling: N2,076.90
- US Dollar: N1,533
- WAUA: N2,097.74
Rewane projects N1,492/$ exchange rate
Earlier, Legit.ng reported that Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company, projected that the naira would close at N1,492/$ in 2025.
The positive outlook, he said, was driven by the domestication of corporate debt, diaspora inflows, remittances, and a likely Eurobond issuance.
These factors were expected to improve dollar supply and reduce pressure on the exchange rate.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
