Naira Strengthens as Dollar Falls in Official and Black Markets; CBN Unveils Eight New Exchange Rates
The naira continued its upward streak for the seventh straight day, gaining against major currencies in both official and black markets.
Boosted by new CBN exchange rates and market confidence, the local currency’s rally signals cautious optimism amid BDC recapitalization concerns.
The Nigerian naira gained ground against major global currencies, recording its seventh consecutive day of appreciation in both official and black markets. This development follows the Central Bank of Nigeria’s release of eight new official exchange rates and ongoing concerns over the recapitalization mandate for Bureau De Change operators.
The Nigerian currency, the naira, has continued its positive trend by appreciating against the US dollar and other major currencies across both official and parallel markets. According to the latest data released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,540 per dollar on Tuesday, June 10, 2025, an improvement of ₦11, or 0.70%, from the previous official rate of ₦1,551 recorded on Thursday, June 5, before the public holiday.
This marks the seventh consecutive day of gains for the naira, signaling a promising shift in Nigeria’s foreign exchange landscape. The CBN data also revealed similar gains for the naira against other key currencies. At the official Nigerian Foreign Exchange Market (NAFEM), the naira appreciated against the British pound sterling, closing at ₦2,083.37/£1 compared to ₦2,111.62/£1. Against the euro, the local currency strengthened by ₦20.69 to settle at ₦1,760.89/€1, down from ₦1,781.58.
In the black market, or parallel market, traders reported a comparable pattern. A Lagos-based currency dealer identified as Abdullahi confirmed to Legit.ng that the dollar was sold for ₦1,610 and bought at ₦1,597 on Tuesday, an improvement over the previous rates of ₦1,615 (selling) and ₦1,600 (buying). He stated, “The demand is still there, but we’re seeing the naira getting stronger this week.”
The pound sterling in the black market was sold at ₦2,150 and bought at ₦2,130, while the euro went for ₦1,795 (selling) and ₦1,780 (buying). These numbers underscore a wider trend of naira recovery, possibly influenced by recent monetary interventions and improved market confidence.
The CBN also announced updated official exchange rates for eight foreign currencies. These include:
- CFA Franc: ₦2.70
- Chinese Yuan: ₦214.33
- Danish Krone: ₦236.04
- Euro: ₦1,760.89
- Japanese Yen: ₦10.64
- Saudi Riyal: ₦410.61
- South African Rand: ₦87.13
- Swiss Franc: ₦1,874.22
- British Pound Sterling: ₦2,083.38
Meanwhile, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, weighed in on the current state of the BDC sector. Speaking to Legit.ng, he highlighted the difficulties many BDC operators are facing in meeting the recapitalization requirements set by the CBN. The apex bank had mandated that all BDC operators must meet new capital thresholds by June 3, 2025, or risk losing their licenses.
Gwadabe appealed for an extension of the deadline, emphasizing that the strict timeline may force smaller operators out of business, disrupting an already sensitive market. He asked the CBN to take into account the wider economic effects of rigidly enforcing the recapitalization deadline.
As the naira continues to strengthen and regulatory frameworks tighten, stakeholders remain cautiously optimistic about the currency’s future and Nigeria’s overall economic stability.
