New Exchange Rate as Naira Crashes Against US Dollar In Official Market
- The naira has depreciated against the United States dollar in both the official foreign exchange markets
- In the black market, the Nigerian currency also fell against the US dollar and remains above the N1,600 mark
- The Nigerian currency will be banking on the Central Bank of Nigeria's intervention for improvement in the days ahead
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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 reversed its gain to close the week on a low after another loss in value against the US dollar in the official and unofficial foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria showed that the naira closed at N1,600.5/$ on Friday, April 18.
Source: Getty Images
Friday's exchange rate is a slight depreciation when compared to the previous day's closing rate of N1,599/$ in the official market.
While the Nigerian currency appreciated slightly against the British Pound Sterling in the official market on Friday, trading at N2,120.23/£1 compared to the previous day's rate of N2,121.97/£1,
Naira also gained N1 against the Euro, exchanging at N1,817/€1 compared to Thursday’s rate of N1,818.17/€1.
Snapshot of naira exchange rates
Here is a breakdown of the naira’s performance against other foreign currencies in the official market on Friday, April 17, based on data from the CBN.
- CFA: N2.77
- Yuan/renminbi: N219.16
- Danish krona: N243.39
- Euro: N1,817.69
- Yen: N11.25
- Riyal: N426.38
- South African rand: N85.19
- Swiss franc: N1,956.15
- Pounds sterling: N2,120.24
Source: Getty Images
Naira exchange rate at black market
The naira improved against the US dollar at the parallel market, popularly called the black market
Abdullahi a BDC trader told Legit.ng:
"Ahead of the public holiday, there was not much activity, so the naira gained N10 against the dollar to sell at N1,610 from previous rate of N1620. While we buy at N1,590.
"For euro and pound sterling, the selling rates are N1,785 /€1 and N2,110/£1 respectivily."
Goldman Sachs warns of further naira depreciation
According to Bloomberg, Goldman Sachs Group Inc. Economist, Andrew Matheny, during an interview, has projected that the naira will suffer from lower oil prices.
Matheny raised concerns over fiscal slippage for Africa’s largest crude oil producer, given that the oil production assumption in Nigeria’s 2025 budget is already optimistic.
FG declares unregistered forex platforms, others illegal
Earlier, Legit.ng reported that the newly assented Investments and Securities Act, 2025 (ISA 2025), introduces major reforms to Nigeria's investment landscape.
One of the key changes is the prohibition of operating digital asset exchanges or online foreign exchange trading platforms without formal registration with the Securities and Exchange Commission (SEC).
As a result of the new law, any existing online forex platform or digital asset exchange is considered illegal unless it is duly registered with the SEC.
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Source: Legit.ng
