How the naira depreciated in the official window against USD

• The naira depreciated again successful the Nigerian overseas speech marketplace (NFEM) connected Wednesday, March 26, 2025
• At the adjacent of trading connected Wednesday, the naira exchanged astatine N1,537.62 per dollar from N1,532.90
• Experts accidental determination is excessively overmuch unit connected the naira owed to an summation successful the request for the US dollar successful the FX markets

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigerian naira depreciated successful the authoritative overseas speech marketplace connected Wednesday, March 26, 2025.

At the extremity of trading, the section currency depreciated by N5, closing astatine N1,537.62 per dollar from N1,532.90 the erstwhile day.

The naira depreciates successful the FX markets amid CBN's warnings Credit: Bloomberg/Contributor
Source: Getty Images

The dollar’s precocious request depreciates the naira

The section currency’s autumn came amid precocious request for the US dollar, arsenic petroleum merchandise marketers speculated that the Dangote Refinery's determination to halt the merchantability of substance successful naira could enactment the currency nether pressure.

They speculated that request for the dollar would further erode the gains the Central Bank of Nigeria achieved successful stabilising the naira.

The naira has gained comparative stability, often closing astatine N1,500 per dollar successful the authoritative Nigerian Foreign Exchange Market (NFEM), portion teetering astir the N1,600 ceiling successful the parallel market.

Expert urges the CBN to intervene

Experts person advocated for further interventions by the CBN to support the naira from depreciating beneath its existent value.

The calls came pursuing Chatham House warnings, a UK Think-tank, against strengthening the naira, saying that the currency has go much competitory successful the FX market.

But elder banker and economist, Janet Ogochukwu, thinks Chatham House's proposal is anti-naira and should beryllium ignored.

“Our currency is anemic due to the fact that it is not competitive. It is not competitory due to the fact that we are an import-dependent nation. How tin you archer a state that imports virtually everything not to support its currency? That proposal is unspeakable and should beryllium discarded successful its entirety,” she said.

However, connected Wednesday, March 26, 2025, currency dealers quoted the dollar astatine a precocious of N1,541 to a dollar and a debased of N1,528, leaving a borderline of N13.

Meanwhile, the naira remained level successful the parallel conception of the overseas speech market, trading astatine N1,580 per dollar, the aforesaid arsenic the erstwhile day’s rate.

CBN sends informing to currency speculators

The improvement came amid warnings by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to currency speculators.

The CBN brag assured that the apex slope remained committed to upholding bid successful the nation's overseas speech marketplace by locating and removing dishonest players whose actions jeopardise the naira's stability. 

The naira fell somewhat connected Tuesday's authoritative overseas currency market, closing astatine N1,532.39/$ arsenic opposed to N1,531.19/$ connected Monday, March 24, 2025, according to the data. 

On the Bureau De Change segment, the speech complaint stayed dependable astatine N1,570/$ for some days, reflecting a dependable dispersed betwixt the authoritative and parallel marketplace rates. 

The politician of the Central Bank of Nigeria (CBN), Olayemi Cardoso, warns currency speculators. Credit: CBN
Source: Twitter

This represented a marginal diminution of 0.08%, indicating comparative stableness contempt insignificant marketplace fluctuations. 

The Punch reported that the question suggested continued volatility wrong a constrictive set arsenic the marketplace adjusted to caller reforms and changing demand-supply dynamics.

CBN reviews Customs speech rates for cargo clearance

Legit.ng earlier reported that CBN has released a new speech rate for cargo clearance astatine Nigerian ports pursuing the depreciation of the naira successful each overseas speech markets.

The apex slope fixed the Customs complaint astatine N1,536.39 per dollar from N1,530 the erstwhile day.

The caller Customs speech complaint is the aforesaid arsenic the naira complaint successful the Nigerian Foreign Exchange Market (NFEM), released by the CBN connected Friday, March 21, 2025.

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Source: Legit.ng