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NAIRA EXCHANGE RATE
News and stories about Naira exchange rate
The Nigerian Naira posted its biggest one-day gain against the dollar in 2025 at the official foreign exchange market on Thursday, ahead of Friday's public holiday to commemorate Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad.
The Nigerian naira had a marginal negative start to the week, trading at 1,533.67/$ on the Nigerian Foreign Exchange Market, down 0.08% from 1,532.51/$ on Friday.
Currency traders have linked the recent depreciation of the naira at the parallel market to the supply challenges in the foreign exchange market and the huge demand for forex as a result of payments to contractors by the Federal Government agencies.
The naira is in its longest stretch of stability this year, holding within a narrow band of N1,520–N1,537 per dollar for almost eight weeks, from mid-June to early August.
The naira lost value against the haven currency in the official and parallel forex markets on Tuesday, even after starting the week with a sharp rise.
The Naira fell to its weakest level in more than a week on the parallel market on Tuesday, trading at N1,565/$1.
The Naira began the week at N1,560/$ in the black market.
Currency traders have attributed the recent performance of the naira and the relative stability of the foreign exchange (forex) market to the excess dollar supply and the activities of the security agencies against forex speculators and hoarders.
The naira edged toward N1530/$ in the unofficial market at the start of the first trading session of the week.
The Naira is projected to appreciate to N1,450/$1 by the end of the year, strengthening from its current rate of N1,535.50/$1, amid improvements in fiscal and monetary conditions.
The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets.
Analysts at Optimum Global have projected that the naira will trade between N1,500 and N1,600 in the second half of 2025, assuming positive macroeconomic conditions persist.