Lagos, Nigeria – June 18, 2025
The Nigerian naira continued its bullish momentum on Tuesday, appreciating to below ₦1,600 per dollar in the parallel market, as the U.S. dollar showed signs of weakening amid shifting global currency dynamics.
Market sources revealed that the naira exchanged between ₦1,580 and ₦1,595/$, marking one of its strongest performances in recent weeks. The rebound is attributed to sustained foreign exchange interventions by the Central Bank of Nigeria (CBN), improved market confidence, and a slowdown in speculative demand.
Currency analysts say the local currency is benefitting from a combination of tighter monetary policy, increased inflows from oil receipts, and renewed investor interest in Nigeria’s financial markets.
Meanwhile, the U.S. dollar came under pressure globally as investors adjusted positions following soft U.S. inflation data and increased expectations of a Federal Reserve rate cut later in the year.
The latest movement brings renewed hope for exchange rate stability and underscores the effectiveness of recent government efforts to stabilize the economy and bolster the naira’s resilience.
