Naira Crashes against US Dollar, Traders Quote New Exchange Rate

• The value of the naira has once crashed against the US dollar in both official and unofficial foreign exchange markets
• The latest exchange rate movement comes despite the intervention from the Central Bank of Nigeria
• The naira's performance in the past few weeks has been under intense pressure following President Trump's polices

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian currency, the naira, depreciated against the US dollar in the official and unofficial foreign exchange market.

New data from the Central Bank of Nigeria showed that the naira in the Nigerian Foreign Exchange Market (NAFEM) on Monday, April 7, closed at N1,628.89/$1.

The latest rate represented a N55.66 or 3.5% difference when compared to the previous day’s value of N1,573.23/$1.

Also, the Nigerian currency weakened against the British pound sterling on Monday in the official market by N25.39 to close at N2,056.41/£1 compared with last Friday’s value of N2,031.02/£1

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Similarly, the naira crashed against the euro in the same market segment by N36.24 to sell for N1,761.53/€1 compared with the preceding trading day’s N1,725.29/€1.

At the parallel market window, also known as the black market, the naira also reduced in value against the dollar according to traders who spoke to Legit.ng.

Abdullahi, one of the traders, gave the latest exchange rates as follows:

"The naira declined against the US Dollar on Monday, falling by N55 to sell for N1,620/$1 and buy at N1,605. Last Friday, we sold the dollar at N1,565/$1.

"For the euro, we sold at N1,710 and bought at N1,690. The Pound sterling sells at N2,205 and is bought at N2,005."

CBN intervene in forex market

CBN recently intervened in the forex market by injecting $197.71 million.

In a circular shared on its website and signed by the Director of the Financial Markets Department, Dr. Omolara Omotunde-Duke, the apex bank stated that the move is part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning.

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

The CBN reiterated its stance on maintaining market integrity and operational transparency.

The apex bank also noted that the decision to boost liquidity in the FX market came against the backdrop of significant shifts in the global macroeconomic landscape, which have affected many emerging markets and developing economies, including Nigeria.

Despite these efforts, the naira continues to struggle against the US dollar.

Foreign reserves drop

Earlier, Legit.ng reported that Nigeria’s foreign exchange reserves recorded a major decline for the second consecutive month in 2025.

Analysts have expressed concerns over the situation, particularly for an import-dependent country like Nigeria.

There are also suggestions that the latest CBN attempts to stabilise the naira may have something to do with the situation.

Source: Legit.ng