Naira Experiences Biggest Fall in 2025 in Official Window, Remains Stable in Black Market
- The naira fell sharply in the official Nigerian Foreign Exchange Market (NFEM) on Thursday, April 3, 2025
- The Nigerian currency closed trading at N1,569 per dollar from N1,534 the previous day, representing a N66 depreciation
- The development comes amid various currency reforms by the Central Bank of Nigeria (CBN) to boost liquidity
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian naira hit its lowest in 30 days on Thursday, April 3, 2025, in the official Nigerian Foreign Exchange Exchange Market (NFEM).
Data from the Central Bank of Nigeria (CBN) shows that the naira depreciated to N1,569 per dollar from N1,534, the previous day.

Source: Getty Images
Naira hits its lowest in 30 days
The depreciation is the lowest the local currency has gone in over 30 days as analysts fear it might fall off the N1,500 ceiling against the dollar.
According to financial experts, the naira found its footing in the FX market after the Nigerian government devalued it in 2023; however, they say it has lost about 70% of its value.
The naira’s depreciation comes amid various interventions by the CBN to improve liquidity and transparency in the FX markets.
The apex bank launched the FX Code to enhance market transparency and boost investors' confidence.
Expert calls for CBN’s intervention
However, the latest depreciation seems to have put a dent in CBN’s efforts with analysts calling for serious interventions to halt further slide of the local currency.
Janet Ogochuckwu, senior banker and economist told Legit.ng in an exclusive interview that the CBN needs to intervene as a matter of urgency to forestall further crash of the local currency.
“The naira is under severe pressure because of various factors. The demand for the dollar has increased. The development in the downstream petroleum industry is pressuring the local currency.
Right now, oil marketers are chasing forex frantically to buy petroleum products after Dangote announced the halt in selling petrol in naira.
The banks are swamped with tenders by oil marketers for FX funding. The CBN needs to act fast to avoid a forex disaster in the market,” she said.
The development comes as Chatham House, a UK think-tank, warned against strengthening the naira, saying it is now more competitive than before.
The naira remains steady in the official window
Experts have asked the CBN to ignore the advice and focus on strengthening the local markets and their dynamics.
Meanwhile, the currency dealers quoted the dollar at a high of N1,570 per dollar and a low of N1,535 at NFEM.

Source: Getty Images
However, the naira remained flat in the black market at N1,560 per dollar.
Consequently, the gap between the official and parallel markets narrowed to N10 from N26 on Wednesday, April 2, 2024.
CBN reports highest net FX reserves in 3 years
Legit.ng earlier reported that the CBN reported on Tuesday, April 1, 2025, that it achieved an improvement in its net FX reserves (NFER) after it hit $23.11 billion in 2024.
According to a statement from the apex bank, the NFER amount was the highest level of FX accruals in three years, relative to $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
The earnings show an improvement in Nigeria’s external liquidity, reduced short-term obligations, and increased investor confidence.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng

Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

Kola Muhammed (Copyeditor) Kola Muhammed is an experienced editor and content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa. He has over 5 years of experience in copyediting.