Dollar Soars in Official Forex Window as Naira Trades at New Rates in All Markets

• The naira has crashed to its lowest in 2025 against the dollar in the Nigerian Foreign Exchange Market (NFEM)
• The naira traded N1,644 per dollar on Wednesday, April 9, 2025, down from N1,615 the previous day
• The development comes as the Central Bank of Nigeria (CBN) said remittances hit their highest in five years

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

The Nigerian currency, the naira, crashed again on Wednesday, after a brief reprieve in the Nigerian Foreign Exchange Window (NFEM) on Wednesday, April 9, 2025.

The naira’s crash comes as crude oil prices fell to pandemic levels following the trade war between the United States and China, as both countries intensified tariff hikes.

Crude oil price drop crashes naira

Analysts say the global tariff hikes slapped on countries by President Donald Trump will cause further shocks to economies and currency fluctuations.

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Naira crashes against US dollar, traders quote new exchange rate

On Wednesday, April 9, 2025, the naira traded at N1,644 per dollar from N1,615 the previous day.

The naira’s crash comes amid the intervention of the Central Bank of Nigeria (CBN) when it sold about $197.71 million to authorised dealers last Friday to boost liquidity.

CBN said the Nigerian forex market is built to withstand macroeconomic shocks caused by global fluctuations.

Naira crash: CBN gives update on dollar inflows

Meanwhile, CBN revealed that remittance flows into the Nigerian economy rose by nine per cent to $20.98 billion, the highest level in five years under the current leadership of Olayemi Cardoso.

The apex bank said the last time remittances exceeded that level was in 2029 when they hit $23.80 billion.

World Bank’s data shows that Nigeria’s highest remittance inflow in the last 10 years happened in 2018 at $24.31 billion, while the lowest was recorded in 2024 at $17.21 billion.

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Naira loses 2.6% value as CBN pumps $668.8 million Into FX market in March

CBN revealed that personal remittances remained robust in 2024, rising 8.9% to $20.93 billion.

Inflows from International Money Transfer Operators (IMTOs) rose by 43.5%, hitting $4.73 billion from $3.30 billion in 2023, showing a deeper collaboration with diasporan Nigerians.

Official development assistance also rose by 6.2%, boosting Nigeria’s external reserves.

Naira remains steady in black market

Also, Nigeria’s FX reserves rose by $6.0 billion, hitting $40.19 billion by the end of 2024.

BusinessDay reported that the naira depreciated by 40.9% in the review period, closing 2024 at N1,535 per dollar, an N628 depreciation, relative to N907 per dollar in 2023.

Meanwhile, on Wednesday, April 9, 2025, currency dealers quoted the dollar at a high of N1,650 per dollar and a low of N1,589.

Data from Abokifx, the platform listing black market rates, shows that the naira remained steady in the parallel market at N1,620.

Naira crash: Black market dealers demand CBN’s intervention

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Traders crash naira, sell dollar at new exchange rate as CBN fights back

Abbas Yishau, a black market currency dealer, disclosed in an exclusive chat to Legit.ng that the naira is facing renewed pressure as demand for the US dollar rises.

“The spike in dollar demands is due to the fall in crude oil, but dollar supplies from the CBN are not enough to meet our demands.

“We will need the CBN to sell dollars to black market operators as it did to authorised bank dealers last week,” he said.

JP Morgan predicts new exchange rate for the naira

Legit.ng earlier reported that JP Morgan, the American investment banker, has said the change in the leadership of the Nigerian National Petroleum Company Limited (NNPC) and the release of Nigeria’s net foreign exchange reserves (NFER) are changing the tide in the market.

Amid increasing global uncertainty, JP Morgan upheld a positive rating on the Nigerian market, stating it is insulated from US slowdowns.

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Naira falls to new low after CBN spends millions of dollar to defend currency

The company disclosed this in its note to investors on Wednesday, April 2, 2025, stating that the Nigerian FX market provided enough rate protection to ease potential FX losses.

Source: Legit.ng