Naira Reverses Loss, Appreciates by N55 Against US Dollar

• The Nigerian currency appreciated against the United States dollar in the foreign exchange market
• The latest exchange rate comes on the back of consecutive losses for the naira across all markets
• The Central Bank of Nigeria (CBN) is determined to ensure the naira does not depreciate further in FX markets

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 naira has recovered against the United States dollar in the official market and also in the unofficial markets.

After days of losses, new data from the Central Bank of Nigeria showed that in the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,612.97/$1 on Tuesday, April 8, 2025.

Tuesday's exchange rate represented an appreciation by N55.66 or 3.5% from the preceding day’s rate of N1,628.89/$1.

However, the Nigerian currency depreciated against the Pound Sterling in the official market on Tuesday by N3.80 to sell for N2,060.21/£1 versus Monday’s price of N2,056.41/£1.

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Naira lost N1.03 on the euro to settle at N1,762.56/€1, in contrast to the previous session’s N1,761.53/€1.

The naira also improved its value against the euro by N22.30 to quote at N1,653.78/€1, in contrast to the preceding session’s value of N1,676.08/€1.

Naira improves against dollar at black market

In the parallel market, also known as the black market, it was the same story for the naira against the US dollar.

Traders who spoke to Legit.ng confirmed that the Nigerian currency appreciated against the dollar.

Abudulahhi a BDC trader told Legit.ng :

"We sold the dollar at N1,605 per $1, compared with the previous rate of N1,610 per $1. However, the pound selling rate increased to N2,035, with a buying rate of N2,015. The euro selling rate was N1,725."

Why naira improved

Pressure on the naira eased after the Nigerian government announced plans to address the impact of newly implemented US tariffs, which had initially weighed on the naira upon their announcement.

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

The move is expected to complement recent efforts by the CBN to stabilise the foreign exchange market, including a $197.71 million intervention last week through sales to authorised dealers aimed at ensuring adequate liquidity and supporting orderly market operations.

ABCON wants CBN to sell dollars to BDCs

Earlier, Legit.ng reported that the Association of Bureau De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to resume selling dollars to Bureau De Change (BDCs).

Aminu Gwadabe, ABCON president, said that the CBN's intervention has had a positive impact on the stability and appreciation of the naira in the foreign exchange market in the past weeks.

Gwadabe explained that currently, the naira has maintained its stability and appreciation in the foreign exchange market, as we eventually witnessed the ultimate objectives of the convergence of the official market.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng