Naira Strengthens Slightly Amid Oil Price Rise – Weekly FX Update (June 17, 2025)
In the week ending June 17, 2025, the Nigerian Naira demonstrated cautious resilience in the parallel market, appreciating slightly from a close of ₦1,595/USD on June 14 to ₦1,592/USD on June 17. This moderate gain reflects a shift in market sentiment, largely influenced by a rebound in global crude oil prices, which is historically tied to the strength of the Naira.
Key Figures This Week
Opening Rate (June 10): ₦1,610/USD
Midweek Low (June 14): ₦1,595/USD
Weekly Close (June 17): ₦1,592/USD
Net Weekly Gain: ₦3
While the gain might appear marginal, it signals increased confidence and possibly more dollar inflows in the informal market, especially from oil export revenues and diaspora remittances.
Oil Prices Bolster Market Confidence
Nigeria’s heavy dependence on oil exports means any surge in global oil prices directly impacts FX liquidity. Reports from the global commodities market indicate that Brent crude is pushing above $86 per barrel, reviving hopes for improved dollar supply from export proceeds.
Market participants have responded by offloading USD reserves, anticipating a stronger Naira, which has resulted in a mild pullback in demand pressure.
Naira to Dollar blackmarket report below
| Date | Rate (₦/USD) | Trend |
|---|---|---|
| June 10, 2025 | ₦1,610 | ↘️ |
| June 11, 2025 | ₦1,605 | ↘️ |
| June 12, 2025 | ₦1,604 | ↘️ |
| June 13, 2025 | ₦1,600 | ➡️ |
| June 14, 2025 | ₦1,595 | ↘️ |
| June 15, 2025 | ₦1,590 | ➡️ |
| June 16, 2025 | ₦1,591 | ↗️ |
| June 17, 2025 | ₦1,592 | ➡️ |
What to Watch in the Coming Days
Despite the modest gains, market volatility remains, and several factors could influence direction in the week ahead:
Oil Prices: Sustained momentum above $85/barrel could lead to more Naira strength.
CBN Policy Adjustments: Any new FX regulations or interventions could impact rates.
?
Naira to Dollar blackmarket report below
Demand Surge: As businesses resume after mid-month, pressure may rise from importers and tuition payments abroad.
Conclusion: A Fragile Yet Positive Outlook
The Naira’s movement over the past week points to fragile optimism. While the trend is not strongly bullish, the Naira appears to be stabilizing, thanks to oil price boosts and improved confidence among P2P traders.
For those trading or planning FX transactions, staying informed is crucial. NairaFX will continue to track daily trends and provide up-to-date, peer-driven market insights.
Stay updated. Join the NairaFX community to view live rates and connect with verified P2P traders.
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