See more as CBN releases latest naira to dollar exchange rates

• The naira opened the week connected a antagonistic enactment against the dollar successful the authoritative overseas speech marketplace
• Latest information from the CBN showed that the naira weakened by N7 against the dollar officially connected Monday
• The CBN is betting connected its economical reforms to assistance the naira's show successful the forex markets

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

The worth of the Nigerian currency depreciated to N1,596/$1 astatine the authoritative Nigerian Foreign Exchange Market (NFEM) connected Monday, April 28, 2025.

Monday's speech complaint is simply a N7 driblet successful worth erstwhile compared to N1,589/$1, the speech complaint closed connected Friday, April 25, 2025.

Naira starts caller week connected a debased against dollar Photo credit: Bloomberg/contributor
Source: Getty Images

According to data published connected the Central Bank of Nigeria (CBN) website, the naira traded astatine a precocious of N1,603.50/$1 and a debased of N1,596/$1 during Monday’s session.

The elemental mean complaint for the time was N1,601.38/$1, highlighting continued volatility wrong the authoritative market.

Naira worth against the pound, euro

It's a antithetic communicative for the naira against the euro and the British lb arsenic it appreciates successful the official speech market.

On Monday, the Nigerian currency closed adjacent the euro successful the authoritative marketplace astatine N1,818.81 per dollar, an betterment from N1,819.89 per euro.

Meanwhile, against the Pound Sterling successful the aforesaid marketplace conception connected Friday, the naira appreciated to N2,186.64 from N2,130.44 per pound.

Naira improves successful the achromatic market

The naira successful the achromatic marketplace also depreciated against the dollar.

Traders confirmed that the naira speech complaint has returned supra N1,600.

For different currencies, Abdulahhi, a trader, said:

"The dollar is selling N1,600 again portion the British lb is astatine N2,120 portion the euro N1,800."

Here is the CBN speech rates snapshot

• CFA: N2.77
• Yuan/Renminbi: N219.31
• Danish Krona: N243.66
• Euro: N1818.82
• Yen: N11.18
• Riyal: N426.49
• South African Rand: N86.02
• SDR: N2167.93
• Swiss Franc: N1932.30
• Pounds Sterling: N2186.65
• US Dollar: N1599.95

CBN accounts for 50% dollar inflows

According to information from CBN successful its latest economical study revealed that the gross overseas reserves decreased by 0.39% w/w to adjacent astatine $37.88 cardinal arsenic of April 16, 2025.

Turning to the Chinese Yuan, the naira mislaid 0.44% against the Chinese Yuan (CNY), to adjacent astatine N219.16CNY/N, BusinessDay reports.

Net overseas speech inflows into the Nigerian system declined to $4.79 cardinal successful January 2025, down from $5.01 cardinal recorded successful December 2024, representing a 4.4% drop.

The CBN attributed this diminution to reduced inflows done its channels, adjacent arsenic full overseas speech inflows into the system besides dipped.

N1,300 speech complaint prediction

Ealier, Legit.ng reported that the Nigerian Economic Summit Group (NESG) has forecasted a monolithic naira appreciation to an mean speech complaint of N1,300 to the US dollar successful 2025.

The optimistic projection was stated successful its 2025 economical outlook, released connected Thursday, January 23, 2025.

According to NESG, the speech complaint forecast was based connected higher overseas speech earnings, driven by accrued crude lipid sales, revitalised manufacturing output from the lipid refining sub-sector, and improved cultivation productivity.

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Source: Legit.ng