By Grace Alegba
The Nigerian Naira experienced a marginal depreciation of 0.17% against the US dollar on Friday, July 4, 2025, closing at N1,528.56 per dollar at the official market, according to data from the Central Bank of Nigeria (CBN).
This represents a loss of N2.73 compared to Thursday’s rate of N1,525.82, signaling a slight setback after a week of relative stability and gains.
The Naira had opened the week strongly, appreciating by N9.52 against the dollar on Monday. It maintained its upward trajectory through Wednesday, gaining an additional N3.42, a performance that drew praise from the International Monetary Fund (IMF).
In its 2025 Article IV Consultation report on Nigeria, the IMF commended the CBN for its foreign exchange market reforms, noting that they have “supported price discovery and liquidity” in the market.
These reforms, including the unification of exchange rates and increased market-driven pricing, have been pivotal in stabilizing the Naira amid Nigeria’s economic challenges.
Despite Friday’s minor dip, the Naira’s performance this week reflects a broader trend of resilience, supported by the CBN’s efforts to enhance transparency and efficiency in the foreign exchange market.
The slight depreciation follows a period of volatility in global currency markets, with external pressures such as fluctuating oil prices and domestic demand for dollars contributing to the Naira’s challenges.
Analysts suggest that while the 0.17% loss is modest, it underscores the need for sustained reforms to bolster the Naira’s value.
The CBN has been proactive in addressing these pressures, including measures to increase dollar liquidity and curb speculative trading in the parallel market.
