See the naira's exchange rate to the dollar in April

• The Nigerian currency has depreciated hours aft the US dollar fell to a three-year low
• Data from the authoritative Nigerian Foreign Exchange Market shows that the naira depreciated to N1,606.50 connected Tuesday, April 2025, from N1,600
• The naira’s depreciation comes arsenic the US currency fell among starring planetary currencies specified arsenic the euro and the sterling

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

The Nigerian currency depreciated successful the authoritative model connected Tuesday, April 22, 2025, contempt the dollar hitting a three-year low.

The Nigerian currency closed trading astatine N1,606 to a dollar from N1,600.50 it traded connected Thursday, April 18, 2025.

Despite the dollar's crash, the naira depreciated successful the authoritative window. Credit: Novatis
Source: Getty Images

The naira falls alongside the dollar

The depreciation comes amid the diminution successful Nigeria’s overseas speech reserves, which depreciated by $111.17 cardinal to $37 billion.

Data from the Nigerian Foreign Exchange Market (NFEM) released by the Central Bank of Nigeria (CBN) shows that dealers quoted the dollar astatine a precocious of N1,610 and a debased of N1,598.50.

Legit.ng previously reported that the US dollar fell connected Monday, April 21, 2025, to its lowest since March 2022 arsenic capitalist assurance successful the US system crashed.

Reports accidental the dollar declined owed to President Donald Trump’s attacks connected Federal Reserve Chairman Jerome Powell.

The dollar vs different currencies

Compared to different currencies, the dollar deed its lowest, trading astatine 97.923 connected Monday, April 21, 2025.

It besides crashed to a 10-year debased against the Swiss franc, portion the euro roseate supra $1.15, its highest since 2021.

The British lb sterling appreciated to its highest since September 2024 astatine $1.34 against the dollar, portion the Australian dollar roseate to a four-month precocious of $0.6430.

Reuters reports that the New Zealand dollar moved up, trading astatine $0.6000 for the archetypal clip successful implicit 5 months.

According to reports, Trump's societal media attacks connected Powell perchance threatened the Federal Reserve’s autonomy.

The US President had called Powell a large loser connected societal media and asked that helium little involvement rates immediately.

Experts accidental that Trump’s tariffs and uncertainty implicit commercialized policies shocked planetary markets and darkened the outlook for the US, weakening the dollar arsenic investors propulsion funds retired of US assets.

The naira steadies against the euro

Meanwhile, the Nigerian currency, the naira, recorded a mixed show successful the FX marketplace past week.

While the naira appreciated somewhat against the dollar successful the authoritative market, closing astatine N1.599.94 per dollar connected Thursday, up from N1.603.78, it depreciated importantly successful the parallel market.

The naira besides steadied against the euro, defying the European currency’s beardown advance.

The naira showed resilience against the euro contempt its 1 per cent summation against the dollar.

The improvement came aft the euro/naira FX complaint roseate to N1,845 connected Monday, April 21, 2025, climbing supra the N1,800 ceiling.

The naira trades debased against the dollar successful the authoritative window. Credit: Picture Alliance/Contributor
Source: Getty Images

Analysts attributed the question to accrued request for euros amid planetary shocks caused by superior inflows and anxieties implicit Nigeria’s commercialized balance.

Naira: CBN intervenes to stabilise

Reports accidental investors flocked to the euro arsenic a safer plus amid rising geopolitical hostility betwixt the US and China, marking a reversal of the dollar’s three-year dominance.

Experts person said the naira’s summation was owed to robust FX interventions by the Central Bank of Nigeria (CBN),

CBN reportedly sold astir $280 cardinal to authorised dealers to stabilise the naira.

However, Nigeria’s outer reserves person depreciated by $111.21 cardinal to $37.89 cardinal arsenic of April 16, 2025, the 5th consecutive play decline.

Nigeria, China motion woody to trim dollar dependence

Legit.ng earlier reported that the Nigeria-China Strategic Partnership has disclosed that Nigeria would soon ink a deal connected Digital RMB with China to let a nonstop conversion of naira to Chinese Yuan.

The integer renminbi (RMB) is simply a cardinal slope integer currency issued by the Chinese apex bank, the People’s Bank of China.

The Director-General of the NCSP, Joseph Tegbe, disclosed that the woody was expected to trim Nigeria’s dependence connected the US dollar.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng