The Naira closed July 2025 at N1,533.55 to the dollar on the Nigerian Foreign Exchange Market, according to data released by the Central Bank of Nigeria. This marks a decrease of 0.25% from its June closing of N1,529.71, indicating improved stability in the foreign exchange market.
Mid-month, the Naira had strengthened to a four-month high, reaching N1,518/$ on July 14, its best performance since March 14, 2025. This was the first instance of the currency trading below N1,520/$ in that timeframe, signaling positive momentum.
However, the Naira subsequently traded within the range of N1,530/$ to N1,535/$. Market analysts noted that interventions by the Central Bank of Nigeria, along with increased foreign investment inflows, have contributed to the currency’s stability.
In the parallel market, the Naira showed signs of stabilization, with the gap between official and parallel market rates narrowing, reducing speculation. On Thursday, the Naira depreciated by 32 basis points in the parallel market, closing at N1,545/$, according to CardinalStone.
Nigeria’s gross foreign reserves also saw an uptick, rising to approximately $39.36 billion by July 30, 2025, up from $37.19 billion at the start of the month. The Central Bank Governor, Olayemi Cardoso, recently announced that reserves had surpassed $40 billion, the highest level in 33 months, during a symposium in Abuja.
Meanwhile, the US dollar is poised for its first monthly gain of the year against major currencies, supported by easing trade tensions and a resilient US economy. The Federal Reserve held interest rates steady, with Chair Jerome Powell indicating no immediate plans for cuts. The dollar strengthened against the Japanese yen, trading at its highest level since May 28, and is on track for a 4.4% increase in July, marking its largest monthly rise since December 2024. The dollar index remained flat at 99.85, following nearly a 1% rise in the previous session.
