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The naira showed modest stability on Tuesday, July 8, 2025, with slight appreciation against the US dollar across major trading platforms and unofficial markets.
TJ News Nigeria reports that the exchange rate opened at an average of ₦1,535.11 per US dollar, according to data obtained from multiple independent exchange monitoring platforms.
This marks a minor gain of ₦5.17 or 0.34% compared to the previous day’s average, signalling a slight rebound in market sentiment following recent monetary policy tightening by the Central Bank of Nigeria (CBN).
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Official and Open Market Rates
- Open Market Rate: ₦1,535.11 / $1
- CBN I&E (Investors & Exporters) Window: ₦1,520–₦1,530 / $1 (estimated range)
- Bureau De Change (Parallel Market): ₦1,540–₦1,550 / $1 (varies by location)
Traders in Lagos and Abuja confirmed to TJ News Nigeria that demand for the US dollar remains steady, but not excessive, resulting in a narrow trading band across the day.
Pay Attention To: Dollar to Naira Exchange Rate Today, Monday, July 7, 2025
Comparison with Other Major Currencies
In addition to the US dollar, the Nigerian naira also recorded the following average rates in the open market today:
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- British Pound (GBP to NGN): ₦1,960 – ₦1,985
- Euro (EUR to NGN): ₦1,670 – ₦1,690
- Canadian Dollar (CAD to NGN): ₦1,145 – ₦1,165
- United Arab Emirates Dirham (AED to NGN): ₦410 – ₦420
TJ News Nigeria learnt that most black-market dealers are adjusting rates based on demand for school fees, summer travel, and foreign trade obligations.
Year-to-Date Performance of the Naira
So far in 2025, the naira has traded within a wide range due to fluctuating oil receipts, FX inflows, and CBN’s policy interventions:
- Highest rate in 2025: ₦1,607.00 (May 8, 2025)
- Lowest rate in 2025: ₦1,491.00 (February 3, 2025)
- Average rate in 2025: ₦1,550.00
Economic Implications for Nigerians
The naira’s performance affects importers, students studying abroad, and everyday consumers:
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- Importers say they are closely watching the CBN’s liquidity strategy, which determines availability of forex through official windows.
- Travelers and international students continue to rely on black market purchases due to limited access to official allocations.
- Online merchants and digital service users also report marginal fluctuations in conversion charges due to the varying exchange rates.
Expert Outlook and Policy Signals
Financial analysts believe that the naira may hold firm within the ₦1,520–₦1,540 range in the short term if oil prices remain above $80 per barrel and CBN sustains its FX supply momentum.
However, long-term stability remains uncertain due to Nigeria’s persistent foreign exchange backlog, estimated at over $4 billion, and structural challenges in export diversification.
What to Expect Next
- The CBN is expected to release updated official rates later this week.
- Monthly inflation data from the National Bureau of Statistics (NBS) may also influence forex trends.
TJ News Nigeria will continue to monitor developments across official and parallel markets.
📌 Summary Table – Exchange Rates, July 8, 2025
| Currency | Rate (₦) | Market Type |
|---|---|---|
| USD | ₦1,535.11 | Open Market / Parallel |
| GBP | ₦1,960 – ₦1,985 | Parallel Market |
| EUR | ₦1,670 – ₦1,690 | Parallel Market |
| CAD | ₦1,145 – ₦1,165 | Parallel Market |
| AED | ₦410 – ₦420 | Parallel Market |
For daily updates on exchange rates, inflation trends, and financial news, follow TJ News Nigeria.
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