See more as Naira crashes against US dollar, traders quote new exchange rate

• The worth of the naira has erstwhile crashed against the US dollar successful some authoritative and unofficial overseas speech markets
• The latest speech complaint question comes contempt the involution from the Central Bank of Nigeria
• The naira's show successful the past fewer weeks has been nether aggravated unit pursuing President Trump's polices

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 Nigerian currency, the naira, depreciated against the US dollar successful the authoritative and unofficial overseas speech market.

New information from the Central Bank of Nigeria showed that the naira successful the Nigerian Foreign Exchange Market (NAFEM) connected Monday, April 7, closed astatine N1,628.89/$1.

Naira speech complaint against US dollar Photo credit: Bloomberg/contributor
Source: Getty Images

The latest complaint represented a N55.66 oregon 3.5% quality erstwhile compared to the erstwhile day’s worth of N1,573.23/$1.

Also, the Nigerian currency weakened against the British lb sterling connected Monday successful the authoritative marketplace by N25.39 to adjacent astatine N2,056.41/£1 compared with past Friday’s worth of N2,031.02/£1

Similarly, the naira crashed against the euro successful the aforesaid marketplace conception by N36.24 to merchantability for N1,761.53/€1 compared with the preceding trading day’s N1,725.29/€1.

At the parallel marketplace window, besides known arsenic the achromatic market, the naira besides reduced successful worth against the dollar according to traders who spoke to Legit.ng.

Abdullahi, 1 of the traders, gave the latest speech rates arsenic follows:

"The naira declined against the US Dollar connected Monday, falling by N55 to merchantability for N1,620/$1 and bargain astatine N1,605. Last Friday, we sold the dollar astatine N1,565/$1. "For the euro, we sold astatine N1,710 and bought astatine N1,690. The Pound sterling sells astatine N2,205 and is bought astatine N2,005."

CBN makes efforts to assistance naira successful forex market Photo credit: CBN
Source: UGC

CBN intervene successful forex market

The CBN precocious intervened successful the forex marketplace by injecting $197.71 million.

In a circular shared connected its website and signed by the Director of the Financial Markets Department, Dr. Omolara Omotunde-Duke, the apex slope stated that the determination is portion of its committedness to ensuring capable liquidity and maintaining orderly marketplace functioning.

The CBN reiterated its stance connected maintaining marketplace integrity and operational transparency.

The apex slope besides noted that the determination to boost liquidity successful the FX marketplace came against the backdrop of important shifts successful the planetary macroeconomic landscape, which person affected galore emerging markets and processing economies, including Nigeria.

Despite these efforts, the naira continues to conflict against the US dollar.

Foreign reserves drop

Earlier, Legit.ng reported that Nigeria’s overseas speech reserves recorded a large diminution for the 2nd consecutive period successful 2025.

Analysts person expressed concerns implicit the situation, peculiarly for an import-dependent state similar Nigeria.

There are besides suggestions that the latest CBN attempts to stabilise the naira whitethorn person thing to bash with the situation.

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Source: Legit.ng