Naira closes July at N1,533.55/$ as Dollar strengthens globally

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The Nigerian naira closed out July 2025 at N1,533.55 per dollar at the official market, showing a 0.25% decline from June’s closing rate of N1,529.71 per dollar. Despite this slight drop, the naira had strengthened to a four-month high of N1,518 per dollar on July 14, 2025, marking its strongest performance since March 14, 2025. The currency has been trading within the band of N1,530-N1,535 per dollar at the Nigerian Foreign Exchange Market (NFEM) since then.

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Market watchers attribute the naira’s stability to the Central Bank of Nigeria’s interventions and increased foreign exchange inflow from foreign investors. The bank’s efforts have also narrowed the spread between official and parallel market rates, reducing speculation in the forex market. In the parallel market, the naira depreciated by 32 basis points to print at ₦1,545 per dollar.

Nigeria’s gross foreign reserves have experienced some appreciation, rising to about $39.36 billion from $37.19 billion at the beginning of the month. According to the CBN governor, Olayemi Cardoso, the reserves reached over $40 billion, marking their highest level in 33 months.

Meanwhile, the US dollar is poised for its first monthly gain against major currencies this year, driven by easing trade tensions and US economic resilience. The US Federal Reserve left interest rates unchanged, ignoring persistent calls by President Donald Trump to lower borrowing costs. The dollar strengthened against the Japanese yen, trading at its highest level since May 28, and is on track to gain 4.4% for July, making it the biggest monthly increase since December 2024.

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