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The Nigerian Naira has shown marginal movements against the US Dollar across both official and parallel markets as trading resumed this week.
TJ News Nigeria reports that the Naira opened at an average rate of ₦1,548/$1 at the official market, while the black-market exchange rate remained significantly higher.
Official Exchange Rate (CBN Window)
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According to data from the Central Bank of Nigeria (CBN), the official rate of the Naira to the US Dollar today, Tuesday, June 24, 2025, stands at approximately ₦1,546–₦1,548/$1.
This follows a gradual appreciation seen over recent days due to slight improvements in forex liquidity from oil sales and diaspora remittances.
Breakdown of Current Exchange Rates:
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| Market Segment | USD to NGN Rate |
|---|---|
| Official (CBN) | ₦1,546–₦1,548 |
| Retail/Online | ₦1,555.40 |
| Black Market | ₦1,595–₦1,605 |
Parallel Market (Black Market) Rates
In major markets like Lagos and Abuja, the black-market rate fluctuated between ₦1,595 and ₦1,605 per dollar as of June 21, 2025. This trend reflects sustained pressure from demand by importers and travelers amid tight forex supply.
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Currency traders in Lagos confirm that buyers sourcing forex for personal travel allowance (PTA) and business travel allowance (BTA) face rates closer to ₦1,600/$1 in cash transactions.
Exchange Rate Forecast
Forex analysts project that the exchange rate could remain within the ₦1,525–₦1,571 band for most of the week barring any major Central Bank interventions or unexpected external shocks.
Background: Nigeria’s Forex Market Challenges
Nigeria has faced persistent foreign exchange volatility in recent months due to:
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- Declining foreign reserves
- Fluctuations in global crude oil prices
- Delayed reforms in forex management
- High demand for foreign currencies by importers
The Central Bank of Nigeria has taken several policy steps aimed at stabilizing the Naira, including adjustments to the Monetary Policy Rate (MPR) and new measures to attract foreign portfolio investments.
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Conclusion
As of Tuesday, June 24, 2025, the official dollar to naira rate stands at ₦1,548/$1, with black market rates hovering around ₦1,600/$1. Nigerians engaging in international trade, travel, or remittances should continue to monitor forex developments closely for potential shifts in exchange rates.
TJ News Nigeria will provide further updates as market conditions evolve.
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