Naira’s Mixed Performance in Forex Markets
The Naira showed divergent trends across exchange windows on Monday, July 21, 2025:
📉 Official Market (NAFEM):
- Closed at ₦1,532.54/$1 (₦0.20 weaker than Friday’s ₦1,532.34/$1)
📈 Black Market:
- Gained ₦3, trading at ₦1,532/$1 (vs. ₦1,535/$1 previously)
Other Key Currency Movements
🇬🇧 British Pound (GBP): ₦2,135/£1 (↑₦5 from ₦2,140)
🇪🇺 Euro (EUR): ₦1,795/€1 (↑₦5 from ₦1,800)
🇨🇦 Canadian Dollar (CAD): Unchanged at ₦1,200/CA$1
Why This Matters
1️⃣ Parallel market premium narrows to just ₦0.54 (lowest in months)
2️⃣ CBN’s forex reforms continue stabilizing rates
3️⃣ Importers & travelers benefit from reduced spread
Market Sentiment
• Traders optimistic about sustained liquidity improvements
• Diaspora remittances expected to bolster reserves
• Oil price stability supporting CBN’s forex interventions
What’s Next?
🔹 CBN’s next MPC meeting (July 29-30) to guide policy direction
🔹 Q3 2025 diaspora inflows likely to strengthen naira
🔹 Manufacturers hopeful for sub-₦1,500/$ rate
Join the Discussion
💬 *”Will the naira stabilize below ₦1,500/$ this quarter?”*
📢 Track live rates #NairaWatch
About the author
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