The Nigerian naira recorded a significant gain against the US dollar on Tuesday, July 15, 2025, closing at ₦1518 per dollar in the official Nigerian Foreign Exchange Market (NFEM), a 0.74% appreciation from the previous day’s rate of ₦1529.22.
This marks the naira’s strongest performance in four months, reflecting growing confidence in Nigeria’s foreign exchange market.
According to data from the Central Bank of Nigeria (CBN) and market analysts, the naira’s rebound is driven by increased dollar liquidity, bolstered by fresh foreign exchange inflows from undisclosed sources.
The CBN’s recent policies, including enhanced dollar sales to authorized dealers and stricter regulations on bureaux de change, have contributed to stabilizing the currency.
In the parallel market, the naira traded at approximately ₦1550 for selling and ₦1535 for buying, a slight improvement from the previous day’s rates of ₦1555 and ₦1540, respectively, though the gap between official and black market rates persists.
Market experts attribute the naira’s strength to a combination of factors, including a surge in Nigeria’s external reserves, which reached $37.282 billion on July 8, 2025, and reduced foreign exchange pressure from the Dangote Refinery’s operations.
“The naira’s competitive edge is a positive signal for Nigeria’s economy, encouraging foreign investment and easing import costs,” said Pascal Oparada, a business analyst.
However, analysts warn that sustained stability requires addressing structural issues like oil theft and diversifying forex revenue sources.
The naira’s gain has sparked optimism among businesses and consumers, who have faced rising costs due to currency volatility.
The CBN has reiterated its commitment to discouraging black market transactions, urging Nigerians to use authorized channels for forex dealings to further stabilize the market. As the naira continues its upward trend, stakeholders are hopeful that ongoing reforms will maintain this momentum, fostering economic growth ahead of the 2027 elections.
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