CBN Releases New Exchange Rate as the Naiira Rises in Official Window, Falls in Black Market

• The Nigerian currency, the naira, appreciated on Wednesday, March 19, 2025, in the official window
• The Nigerian currency’s value rose by 0.16%, trading at N1,530 per dollar from N1,532 in the Nigerian Foreign Exchange Market (NFEM)
• Also, the naira remained stable in the parallel segment of the foreign exchange market at N1,580 per dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The naira’s value appreciated on Wednesday, March 19, 2025, by 0.16 to N1,530.52 per dollar from N1,532.93.

Data from the Central Bank of Nigeria showed that the dollar traded at a high of N1,545 and a low of N1,500, lower than Tuesday’s rate.

The naira remains stable in the black market

In the parallel segment of the foreign exchange market, the naira remained steady at N1,585 per dollar.

The development has narrowed the gap between the official and parallel markets.

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Data shows that the gap narrowed to 3.07% at the beginning of the week.

Analysts have disclosed that the naira is relatively stable due to structural reforms despite the slight depreciation.

They say the naira’s stability is due to a surge in the deployment of technology, with people overseas using fintech platforms to convert FX and send the equivalent in naira to Nigeria.

According to reports, the naira has held stable between N1,450 and N1,550 against the dollar, putting a stop to import costs previously going out of control.

Global trade war affects Nigeria’s exchange rate

A previous report by Legit.ng disclosed that the uncertainty of the ongoing tariff war between the United States and some countries has caused the exit of foreign exchange from Nigeria, leading to a two-week depreciation of the naira.

The development prompted the Central Bank of Nigeria (CBN) to intervene in the FX market last week, selling about $500 million to boost supplies.

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However, the naira continued to depreciate weekly by N55 to N1,600 per dollar in the parallel market, the lowest in five weeks since February 5, 2025.

In the Nigerian Foreign Exchange Market (NFEM), the Nigerian currency depreciated by N6 to N1,548 per dollar.

FX traders blame banks

Also, the naira fell in the official market during the two weeks by 3.3% to N1,5480 per dollar from N1,499.

Legit.ng reported that the sharp fall of the naira was attributed to a weak dollar supply.

Bureau de Change (BDC) operators in Nigeria accused commercial banks of failing to sell foreign exchange to them. 

They believe the situation put the naira in a precarious position in the foreign exchange markets. 

Naira experiences the biggest fall in all forex markets

Legit.ng earlier reported that the naira hit its lowest level in 24 hours in the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.

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CBN adjusts exchange rates as naira depreciates slightly in official market, gains in black market

Currency dealers exchanged the dollar at N1,549, from N1,546, which it traded the previous day.

The naira value was the biggest it had fallen in 24 hours and in March 2025, as demand for the US greenback heightened.

Proofreading by Nkem Ikeke, copy editor at Legit.ng.

Source: Legit.ng