1) You should have the customer Id from the magento admin or from some where else for query with tables
2) Open phpmyadmin and load the table <b>customer_entity_varchar</b>
3) In the customer_entity_varchar seacrh for customer id
4) Edit the row which has attribute_id 12, this row contains the MD5 password hash
5) Enter your password which you will generate from Magento Password Hash
6) Save the row and that's it try login with new password this should work.
Happy coding :-)
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