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- The naira fell sharply successful the authoritative Nigerian Foreign Exchange Market (NFEM) connected Thursday, April 3, 2025
- The Nigerian currency closed trading astatine N1,569 per dollar from N1,534 the erstwhile day, representing a N66 depreciation
- The improvement comes amid assorted currency reforms by the Central Bank of Nigeria (CBN) to boost liquidity
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The Nigerian naira deed its lowest successful 30 days connected Thursday, April 3, 2025, successful the authoritative Nigerian Foreign Exchange Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) shows that the naira depreciated to N1,569 per dollar from N1,534, the erstwhile day.
Source: Getty Images
The naira hits its lowest successful 30 days
The depreciation is the lowest the section currency has gone successful implicit 30 days arsenic analysts fearfulness it mightiness autumn disconnected the N1,500 ceiling against the dollar.
According to fiscal experts, the naira recovered its footing successful the FX marketplace aft the Nigerian authorities devalued it successful 2023; however, they accidental it has mislaid astir 70% of its value.
The naira’s depreciation comes amid assorted interventions by the CBN to amended liquidity and transparency successful the FX markets.
The apex slope launched the FX Code to heighten marketplace transparency and boost investors' confidence.
Expert calls for CBN’s intervention
However, the latest depreciation seems to person enactment a dent successful CBN’s efforts with analysts calling for superior interventions to halt further descent of the section currency.
Janet Ogochuckwu, elder banker and economist told Legit.ng successful an exclusive interrogation that the CBN needs to intervene arsenic a substance of urgency to forestall further clang of the section currency.
“The naira is nether terrible unit due to the fact that of assorted factors. The request for the dollar has increased. The improvement successful the downstream petroleum manufacture is pressuring the section currency.Right now, lipid marketers are chasing forex frantically to bargain petroleum products aft Dangote announced the halt successful selling petrol successful naira.The banks are swamped with tenders by lipid marketers for FX funding. The CBN needs to enactment accelerated to debar a forex catastrophe successful the market,” she said.The improvement comes arsenic Chatham House, a UK think-tank, warned against strengthening the naira, saying it is present much competitory than before.
The naira remains dependable successful the authoritative window
Experts person asked the CBN to disregard the proposal and absorption connected strengthening the section markets and their dynamics.
Meanwhile, the currency dealers quoted the dollar astatine a precocious of N1,570 per dollar and a debased of N1,535 astatine NFEM.
Source: Getty Images
However, the naira remained level successful the achromatic marketplace astatine N1,560 per dollar.
Consequently, the spread betwixt the authoritative and parallel markets narrowed to N10 from N26 connected Wednesday, April 2, 2024.
CBN reports highest nett FX reserves successful 3 years
Legit.ng earlier reported that the CBN reported connected Tuesday, April 1, 2025, that it achieved an betterment successful its net FX reserve (NFER) astatine $23.11 cardinal successful 2024.
According to a connection from the apex bank, the NFER magnitude was the highest level of FX accruals successful 3 years, comparative to $3.99 cardinal successful 2023, $8.19 cardinal successful 2022, and $14.59 cardinal successful 2021.
The net amusement an betterment successful Nigeria’s outer liquidity, reduced short-term obligations, and accrued capitalist confidence.
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Source: Legit.ng
