Naira Strengthens by N2.05 Against US Dollar at Official Market as Euro Rate Drops
Written by Okafor Joseph, SpringnewsNG Media
The Nigerian naira recorded a modest gain of N2.05 against the US dollar at the official foreign exchange window on Friday, June 20, 2025, according to data released by the Central Bank of Nigeria (CBN).
At the official exchange rate, the naira closed at ₦1,547.36/$1, improving from ₦1,549.41/$1 recorded on Thursday. This marks a slight but positive movement for the local currency amidst ongoing efforts by the CBN to stabilize the forex market.
Naira Performance Across Forex Markets:
- Official Market: Gained ₦2.05 to close at ₦1,547.36/$1
- Black Market: Remained flat at ₦1,605/$1
- British Pound (GBP): Flat at ₦2,160/£1
- Canadian Dollar (CAD): Flat at ₦1,200/CA$1
- Euro (EUR): Gained ₦5, improving to ₦1,800/€1 from the previous rate of ₦1,795/€1
The slight appreciation at the official window reflects growing market confidence and comes amid broader monetary policy efforts to shore up the naira’s value through improved liquidity and forex interventions.
Meanwhile, rates in the parallel (black) market remained largely stable, indicating a pause in recent volatility that had plagued informal forex exchanges in the past few months.
Experts say that continued stability in the official market, supported by better FX inflows and strict regulatory measures, could help narrow the gap between official and parallel market rates, which remains a concern for investors and international traders.
