After 4 Days of Losses, Naira Appreciates at Official Market
- The Central Bank of Nigeria has disclosed that the naira appreciated by 0.02% to close at N1,535/$1 at the official market
- The Nigerian currency also appreciated in the parallel market as it traded around N1,548/$1
- Analysts attributed the modest gain to improved dollar liquidity from CBN interventions and rising foreign inflows
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.
Nigeria’s naira gained slightly against the US dollar on Thursday, August 21, appreciating by 0.02% to close at N1,535/$1 at the official market.
Data from the CBN showed that the latest exchange rate movement in the Nigerian Foreign Exchange Market (NFEM) was the first positive in 4 days.
Source: Getty Images
On Wednesday, the naira depreciated, closing at N1,537.99 per dollar.
The naira also appreciated against the pound sterling in the official market, closing at N1,898.15/£1 on Tuesday, which is a N3.46 rise from N1,901.61/£1 on Monday.
While against the euro, it lost 25 Kobo to sell for N1,571.18/€1, in contrast to the preceding session’s N1,570.93/€1.
Naira improves against dollar at black market
In the parallel market, also known as the black market, the naira also appreciated
BDC traders who spoke to Legit.ng confirmed the new rates.
Abudulahhi gave the latest rate as follows:
"On Thursday, August 21, 2025, Abbu FX sold the dollar at N1,545 and bought at N1,535. The euro traded at N1,795 for selling and N1,780 for buying, while the pound sterling was quoted at N2,105 for selling and N2,085 for buying."
Source: Getty Images
Naira expected to fall
Looking ahead, currency dealers expect the local unit to face renewed pressure, with forecasts of a possible slide to around N1,560/$1 at the official window next week.
According to Reuters, the domestic currency is also expected to remain range-bound, with the apex bank and exchange bureaus selling Dollars to meet demand from importers and travellers.
One trader told the publication.
“With inflation easing, speculative trading has been limited, causing the Naira to trade in a tight range around 1,530.
“The Naira is likely to stay in a narrow band between 1,520 and 1,560 next week.”
Snapshot of naira's rates in official market
- CFA: N2.73
- Yuan/Renminbi: N213.95
- Danish Krone: N239.23
- Euro: N1,785.96
- Yen: N10.38
- Riyal: N409.23
- South African Rand: N86.83
- Swiss Franc: N1,902.37
- Pound Sterling: N2,064.55
- US Dollar: N1,535.78
GTB sets exchange rate for international payment
Earlier, Legit.ng reported that Guaranty Trust Bank has set its forex rate for international transactions at N1,545, aligning with the rate traded at the parallel market, commonly referred to as the black market.
This was disclosed in a notice to customers on Monday, August 18, 2025.
According to GTbank, the rate is subject to change and it is pegged with prevailing market conditions.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
