See latest exchange rate as naira crashes against US dollar in official, black market

• The worth of the naira has depreciated again successful the overseas speech marketplace against the US dollar
• Data connected Tuesday shows that the Nigerian currency suffered losses some successful the authoritative and unofficial overseas speech markets
• The Central Bank of Nigeria has conducted FX intervention, selling $50 cardinal to authorised trader banks

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Nigerian currency, the naira, continued its show against the United States dollar this week successful some the authoritative and achromatic overseas speech markets.

Data from the Central Bank of Nigeria, the Nigerian Foreign Exchange Market (NAFEM) naira closed astatine N1,590/$1 connected Tuesday, May 27.

Naira worth depreciates against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

Tuesday's speech complaint is simply a 0.4% oregon N7 depreciation compared to N1,583/$1 recorded connected Monday.

During trading connected Tuesday, the dollar was sold arsenic precocious arsenic N1,591 o the dollar and arsenic debased arsenic N1,581.9/$.

Naira against pound, euro currencies

The naira's mediocre show continued against the British lb and the euro successful the authoritative overseas speech market.

The naira depreciated against the lb sterling in the authoritative market yesterday by N1.91 to adjacent the league astatine N2,143.90/£1 compared with Monday’s closing terms of N2,141.99/£1.

While against the euro, it mislaid N5.85 to punctuation astatine N1,797.22/€1 compared with the erstwhile day’s N1,791.37/€1.

Naira successful the achromatic market

Also, successful the achromatic market, checks by Legit.ng show that the naira depreciated against the US dollar.

BDC traders told Legit.ng that the naira fell by N2 aft the day's trading.

A BDC trader, Abdullahi, explained to Legit.ng the authorities of the naira successful the achromatic market.

"The marketplace is experiencing a spot of pressure. On Tuesday, we sold dollars astatine N1,615/$1 from the erstwhile complaint of N1,610/$1. While the euro and lb stay astatine N1800/€1 and N2150/£1r respectively.

CBN pushes to amended naira's speech complaint against US dollar Photo credit: CBN
Source: Getty Images

CBN sells dollars to dealers

Meanwhile, successful a propulsion to assistance the naira recover, the CBN conducted FX intervention, selling $50 cardinal to authorised trader banks connected Tuesday wrong the ranges of N1,581.92 to N1,585.00.

The latest circular of FX involution came arsenic the impact of $190 cardinal supplied to the currency marketplace past week began to fizzle out.

Forex reserves drop

Earlier, Legit.ng reported that Nigeria’s overseas speech reserves person maintained a downward trend, declining by 3.3% period connected month.

The latest information from the Central Bank of Nigeria (CBN) shows that the reserves dropped from $39.72 cardinal connected 31st January to $38.42 cardinal by 28th February 2025.

This shows a diminution of astir $1.31 cardinal wrong 1 month, showing large challenges for the state contempt the caller naira appreciation and recovery.

This is simply a continuation of the diminution already seen successful January 2025, erstwhile overseas reserves went down by $1.16 billion.

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Source: Legit.ng