The Naira suffered a significant loss in the parallel market, closing at N1,630/$1 on Friday, May 30, 2025, after several days of relative stability at N1,620/$1, according to data from Nairametrics Research.
The local currency also weakened against the British pound, closing at N2,190/£1 on Friday, compared to N2,170/£1 on Thursday and N2,165/£1 on Wednesday—highlighting a consistent depreciation trend throughout the week.
In contrast, the previous week saw the Naira appreciate in the parallel market, rising to N1,620/$1 on Thursday from N1,625/$1 on Wednesday, maintaining that level from Tuesday.
Exchange rate ends week strong at N1,579/$1 on official market, stabilizes across forex channels
May 24, 2025
It had earlier closed at N1,627/$1 on Monday, according to market sources in Lagos.
Against other major foreign currencies, the Naira showed mixed performance. It gained against the pound sterling, appreciating to N2,135/£1 on Thursday, up from N2,155/£1 on Wednesday and N2,145/£1 on Tuesday. The week had opened at N2,142/£1. However, against the euro, the Naira declined to N1,835/€1 on Thursday, from N1,820/€1 on both Monday and Wednesday, though it slightly improved from Tuesday’s N1,825/€1.
Official market performance
In the official market, the Naira showed a mixed trend. It closed at N1,585.5/$1 on Friday, a modest appreciation from N1,587/$1 on Thursday.
Central Bank of Nigeria (CBN) data indicates that the currency closed at N1,592/$1 on Wednesday, slightly down from N1,590/$1 on Tuesday, and opened the week at N1,583/$1 on Monday.
Global oil prices add pressure on the Naira
Adding further pressure on the Naira, the Organization of the Petroleum Exporting Countries and its allies (OPEC+), the world’s largest oil producers, announced a planned increase of 411,000 barrels per day in production for July 2025.
In an official statement on Saturday, OPEC+ reaffirmed: “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from the June 2025 required production level.”
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