On Monday, the Naira fell to N1,612 per Dollar at the official foreign exchange (FX) market, marking its lowest value since December 4, 2024, when the dollar was priced at N1,613.69.
The Nigerian Foreign Exchange Market (NFEM) saw a 2.89% depreciation in the local currency, which dropped to N1,612.23/$ from N1,567.02/$ traded on April 4.
In the parallel market, the naira also faced significant pressure, losing 3.51% to close at N1,620 per dollar on April 8, compared to N1,565 per dollar on April 7.
This decline occurred despite the Central Bank of Nigeria’s (CBN) injection of $197.71 million into the foreign exchange market on April 4. The CBN stated that this intervention was part of its strategy to maintain liquidity and ensure the orderly functioning of the FX market.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71m through sales to authorized dealers. This step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the central bank stated.
The CBN’s actions followed recent negative adjustments in global stock markets, which were triggered by President Donald Trump’s announcement of sweeping global tariffs on all imports to the U.S.
Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), urged the CBN to direct liquidity injections to the interbank market and critical retail sectors, to better address the demand for invisible transactions and support small and medium-sized enterprises.
