Commentaries:
"Naked" does not mean that they were without clothing, but rather that their spiritual condition had been exposed. It is similar to "naked" as it is used in Revelation 3:17 in reference to the "wretched, miserable, poor, blind, and naked" Laodicean. God's righteousness was not clothing them.
John W. Ritenbaugh
The Nature of God: Elohim
Other Forerunner Commentary entries containing Exodus 32:25:
Exodus 23:22-24
Galatians 5:23