The naira has once again depreciated against the United States dollar and other currencies in the official market.
There was also poor performance of the naira in the parallel market against the dollar, pound, and euro.
The CBN injected funds, and it is expected that the naira is likely to stay stable in the short term, as global pressure remains contained. …CONTINUE READING
The value of the naira depreciated once again against the United States dollar on Wednesday, May 28, 2025, closing at N1,592 per dollar
This latest decline marks three consecutive days of poor performance in the official market.
Wednesday’s closing rate is a 0.12% or N2 fall for the naira when compared to the previous exchange rate of N1,590.
During trading on Wednesday, the dollar was sold as high as N1,595 and the lowest rate quoted was N1,589.5. The simple average rate is N1,591.
Naira against pound, euro
The Nigerian currency tumbled against the Pound Sterling in the same market segment on Wednesday, depreciating by N3.29 to close at N2,145.28/£1, compared to N2,141.99/£1 on Tuesday.
It also lost N4.15 against the Euro, settling at N1,801.52/€1 versus N1,797.37/€1 the previous day.
Here are the latest exchange rates
The CBN also provided the updated currency exchange rate changes as of May 28, 2025:
CFA: N2.71
Yuan/Renminbi: N220.99
Danish Krona: N241.43
Euro: N1800.95
Yen: N10.99
Riyal: N423.95
South African Rand: N88.78
Swiss Franc: N1925.70
Pound Sterling: N2144.61
Black market exchange rate
The naira also dropped in value against the dollar in the parallel market, also known as the black market.
Abudullahi a BDC trader said: “The dollar buying rate is N1,605, while the selling rate is N1,610. Previously, the buying rate for a dollar was N1,590.
The euro sells at N1,800, and we buy at N1,785. The British pound sterling is selling at N2,160, with a buying rate of N2,140.”
FX reserves decline
Nigeria’s foreign exchange reserves fell by 0.02% to $38.55 billion as of Friday, May 23, 2025, down from $38.56 billion, according to data from the CBN.
The slight decline follows a short-lived rebound earlier in the year, when the reserves rose by $364 million between April 30 and May 14, the first significant recovery in 2025.
