The naira closed July 2025 at N1,533.55 to the US dollar at the official Nigerian Foreign Exchange Market, according to Central Bank of Nigeria data released Thursday. This represents a marginal 0.25 per cent weakening from June’s close of N1,529.71/$ but reflects greater stability in the forex market. The currency hit a four-month high mid-month, closing at N1,518/$ on July 14 — its strongest level since March 14 — before settling within the N1,530–N1,535/$ range in subsequent weeks. Analysts credit Central Bank interventions and increased foreign investor inflows for helping to stabilise the naira.
The parallel market has also shown more stability, with the gap between official and street rates narrowing, reducing opportunities for currency speculation. On Thursday, the naira slipped slightly in the parallel market to N1,545/$, according to CardinalStone data. Meanwhile, Nigeria’s foreign reserves rose from $37.19 billion at the start of July to $39.36 billion by month’s end, briefly surpassing $40 billion — the highest in nearly three years — as disclosed by CBN Governor Olayemi Cardoso at a symposium marking the first anniversary of the bank’s current management team.
Globally, the US dollar is on track for its first monthly gain of 2025, supported by easing trade tensions and signs of resilience in the American economy. The Federal Reserve left interest rates unchanged on Wednesday, resisting political pressure to cut borrowing costs. The dollar gained against the Japanese yen, trading at its strongest since late May, and is set for a 4.4 per cent jump in July — its largest monthly rise since December 2024. The dollar index was last flat at 99.85 after a strong session earlier in the week.
