See more as CBN announces naira exchange rate against dollar, euro, pound ahead of holiday

• The worth of the naira was unchanged against the US dollar successful the overseas speech marketplace contempt pressure
• Data from CBN showed that Nigeria’s outer reserves truthful acold successful 2025 person dropped by 8 per cent
• The IMF and World Bank person shown enactment for the CBN's propulsion for a unified, market-driven speech rate

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

The naira has maintained stableness against the United States dollar astatine the adjacent of trading connected Wednesday, April 30, 2025.

Data from the Central Bank of Nigeria showed that the naira ended the period of April with a closing complaint of N1,602.

New speech complaint arsenic naira appreciates against pound, euro Photo credit: Bloomberg/contributor
Source: Getty Images

Wednesday's speech complaint is the aforesaid arsenic the erstwhile time contempt continued unit connected the niara.

It was the aforesaid communicative astatine the parallel marketplace arsenic the naira speech complaint was unchanged against the US Dollar connected Wednesday astatine N1,605.

Abudulahii a BDC relation told Legit.ng:

“We bargain dollars astatine N1,595 and merchantability astatine N1,605, While lb we bargain astatine N2,100 and merchantability astatine N2,120. For Euro the selling complaint is N1,800 and we bargain astatine N1,785."

Naira vs euro, and pound

Also, against the Pound Sterling, the naira appreciated connected Wednesday to N2,129.6/£1 compared to Tuesday's complaint of N2,145.85/£1.

However, it appreciated against the euro to commercialized astatine N1,814.3/€ from N1,823.82/€1 reported connected Tuesday.

Here are different speech complaint snapshot

• CFA: N2.77
• Yuan/Renminbi: N219.49
• Danish Krona: N243.05
• Euro: N1,814.32
• Yen: N11.17
• Riyal: N425.67
• South African Rand: N85.73
• Swiss Franc: N1,938.44

External reserves drop Photo credit: nurphoto
Source: UGC

Foreign reserves drop

BusinessDay reports that Nigeria’s gross outer reserves declined by 8% year-to-date, falling to $37.84 cardinal arsenic of April 28, 2025, from $40.88 cardinal astatine the opening of the year, according to information from the Central Bank of Nigeria (CBN).

The naira has been nether pressure; however, the instauration of the Electronic Foreign Exchange Matching System (EFEMS) and overseas speech codes by the CBN has helped the naira stay unchangeable astir N1,500 to N1,600.

The World Bank Group stated that the weakest-performing currencies implicit the past twelvemonth were the South Sudanese pound, the Ethiopian birr, and the Nigerian naira, each experiencing a diminution successful worth exceeding 40% successful 2024.

In its 2025 Africa’s Pulse report, the World Bank noted that argumentation efforts are focused connected achieving a unified and market-determined speech complaint to heighten the competitiveness of the naira. As a effect of these policies, improved overseas speech liquidity and reduced volatility person contributed to a much unchangeable naira truthful acold this year.

BDC operators impeach banks of not selling dollars

Ealier, Legit.ng reported that BDC traders person accused commercial banks of not selling dollars to them contempt directives from the CBN.

The traders judge that the deficiency of forex disposable to them is 1 of the reasons the naira volition conflict to support stability.

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Source: Legit.ng