See the new exchange rate for the dollar as naira rallies

The naira has appreciated again successful the overseas speech marketplace against the dollar, gaining N13

Data from the overseas speech marketplace shows that the naira closed trading connected Thursday, June 6, 2025, astatine N1,551, a five-month high

The naira’s week-long summation has culminated successful N28 appreciation successful the past 2 days against the US greenback 

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

The Nigerian currency has continued its surge against the US dollar successful the overseas speech market, extending its gains into the play and the holidays.

The naira’s week-long rally is simply a testament to the effectiveness of policies by the Central Bank of Nigeria (CBN), experts say, arsenic they foretell further gains.

The naira gains again successful the overseas speech market Credit: NurPhoto/Contributor
Source: Getty Images

The naira gains N28 successful 2 days

Data from the CBN connected Thursday, June 5, 2025, shows that the naira deed a five-month precocious against the dollar, closing astatine N1,551 per dollar. up from N1,564, representing a N13 naira gain.

The naira past traded this powerfully against the dollar was connected February 28, 2025, erstwhile it closed astatine N1,500 per dollar.

Information from the Nigerian Foreign Exchange Market (NFEM) shows that currency dealers quoted the dollar spot complaint astatine a precocious of N1,560 and a debased of N1,545.

Analysts foretell further gains

Analysts are jubilant implicit the naira’s rebound, arsenic they expect a further boost successful overseas nonstop investment.

They disclose that the naira’s rally volition proceed arsenic agelong arsenic the apex slope continues to plug the leakages and tighten regulations successful the FX markets.

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

Forex reserves emergence by $460 million

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

“The naira volition proceed its resurgence if the CBN continues to sanitise the system,” Janet Ogochukwu, elder banker and economist, said.

According to Ogochukwu, the predictions of the African Development Bank (AfDB) that the naira volition depreciate by six per cent successful 2025 whitethorn not hap if the CBN puts things successful place.

“This is not the archetypal clip planetary concern agencies person predicted doom for the naira. Is it not concerning that the likes of the UK’s The Economist did not merchandise Nigeria’s forecast for 2025?“This is to archer you that the naira is unpredictable successful its surge against large currencies,” she said.

Meanwhile, information from the 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.

CBN's policies are positively affecting the naira against the dollar. Credit: Picture Alliance/Contributor
Source: Getty Images

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

CBN releases caller dollar rates to wide goods

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has accrued the Customs overseas speech 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