Naira strengthens against dollar, gains N12.34 in official market

Summary

• Naira appreciates by N12.34, trading at N1,553.11 per dollar on June 5, 2025
• Central Bank of Nigeria’s reforms, including EFEMS, boost market transparency
• Increased FX liquidity from oil production and remittances supports Naira’s rise

Lagos, Nigeria – The Nigerian Naira continued its upward trajectory against the US dollar in the official foreign exchange market, gaining N12.34 on Thursday, June 5, 2025, to trade at N1,553.11 per dollar.

This development marks a 0.79% improvement from Wednesday’s rate of N1,565.46, according to data from the Financial Markets Department of the Central Bank of Nigeria (CBN).

The Naira’s steady appreciation follows a consistent trend this week, with the currency trading at N1,579.27 on Tuesday and N1,581.58 on Monday, and opening with a N4.56 gain.

The CBN’s ongoing reforms, particularly the introduction of the Enhanced Foreign Exchange Market System (EFEMS), have been pivotal in driving this performance. EFEMS enhances transparency and price discovery, fostering stability in the FX market.

Market analysts attribute the Naira’s strength to increased foreign exchange liquidity, fueled by higher oil production and a surge in diaspora remittances.

The recapitalization of Bureau De Change Operators (BDCs), which began on June 3, 2025, has also bolstered confidence in the market.

As the CBN continues its efforts to stabilize Nigeria’s foreign exchange ecosystem, these developments signal a positive outlook for the Naira.