The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets.
On Friday, the currency traded at N1,535 to the dollar in the parallel (black) market, just N1 less than the N1,536/$1 rate recorded at the official market.
Data on the Central Bank of Nigeria’s (CBN) website shows the naira closed at N1,536/$1 on Thursday, a depreciation from N1,531/$1 on Wednesday.
The naira traded at N1,540/$1 on Thursday in the parallel market, indicating a 0.33% appreciation by Friday, Nairametrics data shows.
Intra-day trading on Thursday shows that the naira traded highest at N1,538/$1 and lowest at N1,520/$1, according to data on CBN website on Friday.
Foreign reserves hit $37.78 billion
Nigeria’s foreign exchange reserves have climbed to $37.78 billion, up from $37.6 billion — a 0.37% increase — signaling a notable boost in the country’s external asset base. The development comes as part of ongoing efforts to stabilise the naira and attract foreign investment.
The uptick is largely attributed to higher dollar inflows from oil exports, diaspora remittances, and renewed investor confidence driven by recent monetary and fiscal reforms.
Analysts say the slight increase in reserves bodes well for the economy, as it strengthens the Central Bank’s ability to defend the naira, finance imports, and meet external obligations.
Inflation rate decelerates further in June 2025
The National Bureau of Statistics (NBS) reports that Nigeria’s headline inflation rate eased to 22.22% in June 2025, down from 22.97% recorded in May 2025.
The data shows that on a year-on-year basis, the headline inflation rate was 11.97% lower than the rate recorded in June 2024, which was at 34.19%.
The NBS noted that, on a month-on-month basis, the headline inflation rate in June 2025 stood at 1.68%, representing an increase of 0.15 percentage points from the 1.53% recorded in May 2025.
This indicates that the average price level rose at a faster rate in June compared to May 2025.
The percentage change in the average Consumer Price Index (CPI) for the 12 months ending June 2025, compared to the previous 12-month period, was 26.58%—a 3.42 percentage point decline from the 30.00% recorded in June 2024.
What you should know
CBN has announced that the 301st meeting of the Monetary Policy Committee (MPC), the country’s apex decision-making body on interest rate policy, will be held on Monday, July 21, and Tuesday, July 22, 2025, at its headquarters in Abuja.
At the 300th MPC meeting held in May 2025, the CBN opted to maintain a conservative stance, keeping the Monetary Policy Rate (MPR) unchanged at 27.5%.
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