Naira Weakens to N1,533.11/$ at Official Market, Gains in Black Market Amid FX Volatility
Written By Okafor Joseph July 18, 2025
The Nigerian naira continued its downward trend against the US dollar at the official foreign exchange market on Thursday, July 18, 2025. Data released by the Central Bank of Nigeria (CBN) showed that the naira closed at N1,533.11 per dollar, down from N1,530.25 recorded the previous day.
This marks a day-to-day depreciation of N2.86, reflecting ongoing pressure on the nation’s currency despite recent government measures aimed at stabilizing the foreign exchange market.
In contrast, the naira appreciated in the parallel (black) market, gaining N10 to trade at N1,540 to the dollar on Thursday, compared to N1,550 on Wednesday. This divergence between the official and unofficial exchange rates continues to raise concerns among financial analysts and forex traders.
Commenting on the currency’s performance, renowned economist and CEO of Financial Derivatives Company, Bismarck Rewane, stated that the naira remains fundamentally strong. He attributed the resilience of the currency to the increased transparency and reforms within Nigeria’s foreign exchange market.
Despite the volatility, stakeholders remain optimistic that ongoing fiscal and monetary adjustments will help stabilize the naira in the coming months.
Published by SpringnewsNG Media Limited
