See new exchange rates as naira exchange rate against dollar in official market

• The worth of the naira appreciated against the US dollar successful some the authoritative and unofficial overseas speech markets connected Wednesday
• The caller speech complaint marks a reversal from the depreciation recorded astatine the adjacent of trading connected Tuesday
• The Central Bank of Nigeria’s caller involution successful the FX marketplace has led to a diminution successful the country’s gross overseas reserves

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 appreciated against the United States Dollar successful the overseas speech market.

Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) ended trading connected Wednesday, April 16, astatine N1,599 a dollar.

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

Wednesday's speech complaint is simply a 0.31% depreciation for the naira compared to Tuesday's speech complaint of N1,604

However, the Nigerian currency fell unchangeable against the British lb sterling astatine the spot marketplace during the league astatine N2,121.97/£1 compared to the erstwhile day's complaint of N2,115.26/£1.

Similarly, the naira fell to the euro to N1,818.17/€1 from N1,808.89/€1 it closed connected Tuesday.

The NAFEM window recorded an inflow of US$847mn compared to US$795mn from the erstwhile week. The CBN accounted for 22.87% of the full inflow,

Foreign portfolio investors (FPIs) 32.26%, non-bank corporates 22.0%, exporters 17.97%, portion different sources accounted for 4.90.

Naira falls against astatine achromatic market

In the parallel market, besides known arsenic the achromatic market, it was a antithetic communicative for the naira against the dollar, euro, and pounds.

Traders who spoke to Legit.ng confirmed that the dollar depreciated against the naira.

"We sold the dollar astatine N1,612/$1 connected Wednesday, compared with the N1,616/$1 it was exchanged connected Tuesday. But, the British lb fell to an speech complaint of N2100, and the euro was astatine N1,800."

Here is simply a snapshot of naira complaint vs different currencies connected Wednesday

• CFA: N2.76
• Yuan/renminbi: N218.94
• Danish krona: N243.45
• Euro: N1818.17
• Yen: N11.22
• Riyal: N426.33
• South African rand: N84.81
• Swiss franc: N1963.43
• Pounds sterling: N2121.97

New speech for the naira against dollar Photo credit: Bloomberg/contributor
Source: Getty Images

FX reserves drop

According to information from CBN, the gross overseas reserves decreased by 0.32% w/w to adjacent astatine US$38.03bn arsenic of April 10, 2025.

CBN intervenes successful the forex market

Ealier, Legit.ng reported that the depreciation of the naira successful the authoritative and unofficial overseas speech markets, the CBN has pumped $197.71 cardinal to authorised dealers.

The involution comes arsenic the naira has suffered a crisp decline, dropping 2.3% implicit conscionable 3 days.

The CBN’s determination to measurement successful marks its archetypal involution of 2025 and this whitethorn proceed if marketplace conditions proceed to deteriorate.

The CBN’s intervention, announced successful a connection by Omolara Omotunde Duke, manager of the bank’s fiscal markets department, is aimed astatine improving liquidity and maintaining stableness successful the market.

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Source: Legit.ng