Naira Dips Slightly at Official Market but Gains in Black Market
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$1 Why This Matters 1️⃣ Parallel market premium narrows to just ₦0.54 (lowest in months)2️⃣ CBN’s forex reforms continue stabilizing rates3️⃣ Importers & travelers benefit from reduced spread Market Sentiment • Traders optimistic about sustained liquidity improvements• Diaspora remittances expected to bolster reserves• Oil price stability supporting CBN’s forex interventions What’s Next? 🔹 CBN’s next MPC meeting (July 29-30) to guide policy direction🔹 Q3 2025 diaspora inflows likely to strengthen naira🔹 Manufacturers hopeful for sub-₦1,500/$ rate Join the Discussion 💬 *"Will the naira stabilize below ₦1,500/$ this quarter?"*📢 Track live rates #NairaWatch