See the current forex rates as dollar crashes further

• The Nigerian currency, the naira, has rallied against the US dollar successful the FX marketplace aft depreciating the erstwhile day
• Data from the CBN disclosed that the naira closed trading astatine N1,603 to a dollar from N1,606 the erstwhile day
• The naira’s betterment comes amid respective FX interventions by the Central Bank of Nigeria (CBN)

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigerian currency has rebounded somewhat against the US dollar successful the authoritative Nigerian Foreign Exchange Market (NFEM).

At the adjacent of trading connected Wednesday, April 23, 2024, the naira was quoted astatine N1,603 to a dollar arsenic against N1,606 the erstwhile day.

CBN adjusts speech rates arsenic the naira rallies successful each markets. Credit: NurPhoto/Stringer
Source: Getty Images

The naira recovers arsenic the dollar crashes

The naira’s rebound came amid the clang of the US dollar to a three-year debased arsenic apical economies sought safer havens with the euro.

According to a erstwhile Legit.ng report, the US dollar crashed to its lowest successful 3 years amid tariffs by President Donald Trump.

Meanwhile, currency dealers quoted the dollar astatine a precocious of N1,606 per dollar and a debased of N1,591.23.

The displacement successful the naira’s rally came arsenic the Central Bank of Nigeria (CBN)  sold forex to authorised dealers to clang the dollar’s worth and hedge the section currency from further depreciation.

Experts springiness reasons for the naira’s volatility

Experts person said the naira suffers from duplicate challenges of planetary commercialized tariffs imposed by the US authorities and falling lipid prices, arsenic investors propulsion concern from weaker economies.

“This is not the champion of times for weaker currencies arsenic Donald Trump’s sweeping tariffs are hurting susceptible economies and their currencies, particularly the naira,” Janet Ogochukwu, a elder banker and an economist, said.

According to her, the challenges person eroded Nigeria’s FX reserves, which person depreciated by implicit $100 cardinal successful the past week.

Available information shows that Nigeria’s apex slope intervened successful the FX marketplace 3 times successful April by selling FX to dealers to halt the naira from full collapse.

Naira: CBN intervenes successful FX market

In aboriginal April, CBN sold astir $197.17 cardinal to authorised dealers, assuring Nigerians of the spot of the FX market.

However, the fiscal assemblage regulator sold different circular of FX connected April 22, 2025,  amid a caller diminution successful the naira’s value. 

Data from the CBN revealed that the naira weakened by 0.2% astatine the Nigerian Foreign Exchange Market (NAFEM), with the speech complaint closing astatine N1,602.63/$ compared to N1,599.93/$ recorded past Thursday earlier the Easter holiday. 

Naira gains successful each markets amid CBN's intervention. Credit: Bloomberg/Contributor
Source: Getty Images

While successful the achromatic market, besides known arsenic the parallel market, the naira closed flat, steadying astatine N1,610 per dollar, according to information collated from thoroughfare traders and online platforms. 

Top 10 strongest currencies successful Africa

Legit.ng earlier reported that arsenic of April 2025, respective African currencies person rebounded against the US dollar, showing assorted degrees of appreciation and resilience, monetary policies, and economical structure.

The spot of a country's currency is 1 of the cardinal indicators of economical wellness and stability.

These countries person maintained comparatively unchangeable monetary policies, keeping their currencies robust amid planetary tariffs imposed connected nations by the US government.

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Source: Legit.ng