See the official rates for the dollar against the naira

• After respective days of depreciation, the naira rebounded, trading precocious against the dollar, euro and different currencies
• At the extremity of closing connected Thursday, May 8, 2025, the naira exchanged for N1,608.10 per dollar, from N1,612 the erstwhile day
• Experts attributed the naira’s summation to CBN’s interventions and reforms, which kept it from hitting stone bottom

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

The naira has rebounded against the US dollar and different currencies aft respective days of depreciation successful the FX markets.

The Nigerian currency has faced renewed volatility amid dwindling crude lipid prices.

CBN to set FX rates arsenic the naira makes a comeback successful FX markets Credit: Picture Alliance/Contributor
Source: Getty Images

The naira rebounds amid volatility

However, pursuing aggregate interventions and forex income by the Central Bank of Nigeria (CBN), the naira has remained comparatively stable.

The naira showed renewed spot connected Thursday, May 8, 2025, erstwhile it rebounded successful the Nigerian Foreign Exchange Market (NFEM).

The section currency closed trading astatine N1,608.10 per dollar, up from N1,612 the erstwhile day.

Currency dealers acceptable the dollar rates astatine a precocious of N1,614 and a debased of N1,608 per dollar.

Expert praises CBN's actions

Coming erstwhile crude lipid prices are astatine a multi-year low, experts accidental CBN’s actions and reforms person helped support the naira afloat against large currencies.

Janet Ogochukwu, elder banker and economist, commended the apex slope for its unrelenting efforts successful keeping the naira from veering disconnected course.

“The circulars, reforms and steps of the CBN person helped to support the naira comparatively steady. However, determination volition beryllium accrued request for the dollar successful the coming days arsenic much people question to question for summertime holidays.

CBN volition beryllium required to buckle up and merchantability much FX to cushion the effect of the anticipated surge successful demand,” she said.

A erstwhile study by Legit.ng disclosed that CBN recorded a N13.9 trillion loss, astir $9 billion, arsenic it tries to settee overdue contracts and prune FX liabilities connected its equilibrium expanse and prevention the naira successful 2024.

The nonaccomplishment much than doubled from N6.3 trillion successful 2023 arsenic the apex slope redeemed bequest transactions to trim outstanding forex liabilities, lowering FX vulnerability and boosting reserves.

Experts praise CBN's interventions successful each markets arsenic the naira rebounds. Credit: Bloomberg/Contributor
Source: Getty Images

CBN records a nonaccomplishment trying to support the naira

In 2023, the slope published its finances to boost capitalist assurance and heighten transparency successful its affairs and overseas speech management.

According to reports, the improvement came arsenic the slope aims to region superior controls, alteration the naira to commercialized freely and lure inflows to extremity dollar scarcity.

The bank’s fiscal reports reportedly raised concerns astir the existent size of Nigeria’s outer reserves and the apex bank’s capableness to enactment the naira, arsenic it disclosed ample deals with JP Morgan and Goldman Sachs involving overseas currency contracts for currency to enactment the government’s revenue.

CBN settles debts to overseas banks

Bloomberg reported that the CBN said successful April that it has settled deals, including swaps and guardant contracts, to bring Nigeria’s nett overseas currency to $23 cardinal arsenic of December past year.

As of April 30, 2025, Nigeria’s gross outer reserves accrued to $37.9 billion, the highest successful 3 weeks.

The Nigerian currency, the naira, has mislaid astir 71% of its worth against the dollar since Bola Tinubu became president and embarked connected overseas currency reforms.

Naira hits its lowest level successful 3 weeks

Legit.ng earlier reported that the Nigerian currency, the naira, deed a three-week debased amid slowed overseas speech inflow into the Nigerian Foreign Exchange Market (NFEM).

The autumn was triggered by planetary commercialized dynamics, including dwindling crude lipid reserves and different factors.

Data from the Central Bank of Nigeria (CBN) showed that astatine the extremity of trading connected Wednesday, May 7, 2025, the naira fell to N1,612 to the dollar, down from N1,609 the erstwhile day.

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Source: Legit.ng