NewStats: 3,262,808 , 8,178,215 topics. Date: Tuesday, 03 June 2025 at 04:22 PM 3np4j

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.

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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.


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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.

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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.”

According to Nairametrics Research, this increase could suppress global oil prices if demand growth underperforms or inventories remain stable—posing further risk to Nigeria’s foreign exchange earnings and increasing pressure on the already volatile naira.

What you should know
The African Development Bank (AfDB) has projected that the Nigerian Naira will depreciate by at least 6% between 2025 and 2026, attributing this to growing volatility in global financial markets.

The forecast, contained in the African Economic Outlook 2025, reveals the potential instability of African currencies amid global economic uncertainty.

This projection comes just a week after CBN Governor Olayemi Cardoso claimed that volatility in Nigeria’s foreign exchange (FX) market had dropped to below 0.5%, suggesting improved market conditions—a claim now challenged by recent market realities.

https://nairametrics.com/2025/06/01/exchange-rate-plunges-as-naira-closes-may-at-n1630-1-in-parallel-market-after-brief-stability/

They need to pump more dollars to the parallel market to defend the naira
The dual exchange rate still exists and the gulf is getting wider
It's time to open the reserves once again

Not again, Nigerians as in those 35 below should just know that their old age will be full of challenges not created by them.

It is finished. Tinubu has destroyed the economy. Buhari and Tinubu are horrible

“Your success and happiness lies in you. Resolve to keep happy, and your joy and you shall form an invincible host against difficulties.” – Helen Keller

And cardeso is the central bank governor.
Ghana cedis is doing well.
While the naira keep falling.
The central bank governor should go and learn from Ghana central bank governor.

Apcshit:
It is finished. Tinubu has destroyed the economy. Buhari and Tinubu are horrible

we don tire to dey even check rates, na before we dey complains, we have settle with our hardship in peace, at least feeding twice a day for an average Nigeria

Taich:
Not again, Nigerians as in those 35 below should just know that their old age will be full of challenges not created by them.

Muchecheche hahaha, Lol at their old age full of challenges not created by them, this is Deep 😂

Tinubunomics on the beatz

treesun:


https://nairametrics.com/2025/06/01/exchange-rate-plunges-as-naira-closes-may-at-n1630-1-in-parallel-market-after-brief-stability/

T-kpai.even this cardoso na mugu.most tinubu team no get head.jonathan remains the president with the strongest team.Obj tried too.

Reno Omokry ur attention is needed here

Weakened naira and growing insecurity is nothing to laugh about.

"TINUBU BUILT LAGOS, HE WILL REPLICATE THE SAME POLICIES IN NIGERIA" is the biggest scam ever by Agbadorians.

This proofs that this Fr@udster of a man we have in Aso-rock did not build Lagos as they claim.

Tiiiinnnuuubbuuuu

Tinubu n seun are working

All these APC BOT member on nairaland too plenty...block one today...two more new (recruit )will come up the next day.

End of the month, naa.

FAAC money sharing and stealing, as usual.

It is getting better. Same exchange rate they were celebrating as stable. O T P confirmed.

CBN governor just bought the best CB governor in Africa

From 1620 to 1630 equates PLUNGES? Both una and una president don kolo

Are you referring to a ₦10 decline as a plunge? In a managed float system, the currency isn’t expected to remain static like in a fixed exchange rate regime—moderate fluctuations are normal. If you’re calculating the ₦10 drop as a percentage of the average of the start and end rates (₦1625), then it’s less than 1%.

Kingpele:
CBN governor just bought the best CB governor in Africa

I guess you sold him the award—how much did you get for it? Let’s know what’s left of our reserves!

Seun has to upgrade that block option towards being a permanent block... I don tire to renew the block option.

RANGO23:
All these APC BOT member on nairaland too plenty...block one today...two more new (recruit )will come up the next day.

Our president said things are getting better, sorry improving.

Agbadorians will never have anything to say now..Lord Of Hardship is our president..We carry The Mummy as our President..

princepee:
And cardeso is the central bank governor.
Ghana cedis is doing well.
While the naira keep falling.
The central bank governor should go and learn from Ghana central bank governor.

But Ghana confessed that they have been using their Fx reserves to pump up the Cedis

princepee:
And cardeso is the central bank governor.
Ghana cedis is doing well.
While the naira keep falling.
The central bank governor should go and learn from Ghana central bank governor.

How did he get that Oluwole award?

Tinibu is working

Calm down

At last we all go hear'am

Agbegbaorogboye:
They need to pump more dollars to the parallel market to defend the naira
The dual exchange rate still exists and the gulf is getting wider
It's time to open the reserves once again

The country needs to start producing and exporting