CBN unveils new new exchange rate to buy and sell dollar as naira appreciates

• The naira has reversed its losses successful the Nigerian Foreign Exchange Market (NFEM), gaining N5 against the dollar
• Data from NFEM connected Monday, June 2, shows that the naira appreciated to N1,580 per dollar from N1,585.50
• The determination follows a emergence successful Nigeria’s overseas reserves, which added $460 cardinal successful May 2025

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigerian currency, the naira, began June connected a affirmative enactment against the US dollar and different currencies.

The section currency reversed losses it suffered towards the adjacent of May 2025, pursuing accrued interventions by the Central Bank of Nigeria (CBN).

The naira's speech complaint against the dollar changes arsenic the CBN sells dollars. Credit: Picture Alliance/Contributor
Source: Getty Images

The naira shows spot against the USD

Analysis by Legit.ng shows that the naira closed last period positively, gaining N16 against the dollar arsenic of Friday, May 30, 2025.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that the naira appreciated by N5 against the US dollar, up from N1,585.50 to N1,580 connected Monday, June 2, 2025.

Experts person called the naira’s appreciation impressive, attributing it to the interventions and reforms by the CBN.

CBN intervenes successful the FX market

The apex slope sold astir N50 cardinal to authorised trader banks towards the extremity of May to prop up the naira’s worth and hedge it against planetary shocks specified arsenic falling lipid prices and tariff war.

NFEM information shows that astatine the extremity of trading connected Monday, June 2, 2025, currency dealers quoted the naira’s spot complaint astatine a precocious of N1,584 and a debased of N1,579 per dollar.

Also, Nigeria’s outer reserves improved modestly successful May.

CBN figures amusement that the reserves added $460 cardinal oregon 1.2% from $38 cardinal astatine the opening of May to $38.46 cardinal arsenic of May 29, 2025.

Experts expect much naira appreciation

The question shows improved overseas speech inflows, which allows the apex slope much buffer to prolong its FX interventions to fortify the naira.

BusinessDay reports that analysts astatine Afrinvest Securities Limited estimated that the naira could support its existent affirmative question successful June.

They anticipated that the naira would support akin show crossed each forex markets.

The improvement comes arsenic the African Development Bank (AfDB) said the 2nd fractional of the twelvemonth volition beryllium challenging for the Nigerian currency, the Ghanaian cedi and 19 different African currencies.

CBN raises hopes arsenic AfDB predicts naira’s crash

This is according to a projection by the African Development Bank (AfDB), which predicted that the naira volition autumn by astatine slightest six per cent betwixt 2025 and 2026.

The bank’s prediction comes aft Olayemi Cardoso, the politician of the Central Bank of Nigeria (CBN), disclosed that the naira is present globally competitory and that the volatility successful the overseas speech marketplace has reduced significantly.

Cardoso said the volatility declined by astir 0.5%, citing improved monetary and fiscal reforms.

Nigeria's overseas speech reserves gained $460 cardinal successful May 2025. Credit: NurPhoto/Contributor
Source: Getty Images

However, contempt Cardoso’s optimism, the AfDB’s reports projected currency depreciation for 21 African countries successful 2025, including Nigeria, Egypt, Ethiopia, Ghana, Libya, Rwanda, Zambia, and Zimbabwe, wherever currency depreciations are expected to hap astatine six per cent.

CBN releases caller dollar rates to wide goods

Legit.ng antecedently reported that CBN has accrued the Customs overseas exchange rates for cargo clearance astatine Nigeria’s oversea and airports.

The caller complaint comes amid the naira’s depreciation successful the Nigerian overseas speech market.

Data from the Customs commercialized portal shows that the apex slope accrued the complaint to N1,590.247 per dollar, up from N1,579.241.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng