Naira Sells Above N1,600 per Dollar in Forex Markets
- The value of the naira continues to exchange in the official and unofficial exchange markets above N1,600 per dollar
- The depreciation of the naira has been a real concern for the Central Bank of Nigeria as it seeks to improve the monetary side of the economy
- Nigeria's foreign reserves have been used to ensure that the naira does not fall further in the forex markets
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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 Nigerian currency, the naira, is not having the best of times against the dollar and other foreign currencies in the official market and also unofficial markets.
Data from from the Central Bank of Nigeria showed that the naira in the Nigerian Foreign Exchange Market (NFEM) closed before the easter holiday N1,600.5 a dollar.
Source: Getty Images
Naira against pound, euro
Also, the Nigerian currency appreciated against the British pound sterling in the spot market during the trading day by N1.73 to finish at N2,120.24/£1 versus Wednesday’s closing value of N2,121.97/£1.
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While against the naira gained 48 kobo against the euro to settle at N1,817.69/€1, in contrast to the N1,818.17/€1 it was exchanged in the midweek session.
Snapshot of naira rates in official market,
Based on CBN published rates, here is a breakdown of the naira's performance against other foreign currencies in the NAFEM market before the Easter holiday.
- CFA Franc: N2.77
- Chinese Yuan: N219.16
- Danish Krona: N243.39
- Euro: N1817.69
- Japanese Yen: N11.25
- Saudi Riyal: N426.38
- South African Rand: N85.19
- Swiss Franc: N1956.15
- British Pound: N2120.24
- US Dollar: N1599.94
Source: Getty Images
Naira to dollar black market
In the black market, traders told Legit.ng that the Nigerian currency also depreciated against the dollar before the Easter holiday.
Abudallahi, a BDC trader, said:
"Our offices will be closed on Monday, 21st April, 2025 in observance of the public. Our offices will reopen and resume normal operations on Tuesday, 22nd April, 2025.
"Before the holiday, we sold the dollar at N1,605/$1 on Thursday and bought at N1,590. While the pound and the euro exchanged at N1700 and N2100."
CBN issues BDC operators warning
According to an earlier report by Legit.ng, the Central Bank of Nigeria issued Bureau de Change operators a warning to comply with its anti-money laundering and counter-terrorism financing framework.
CBN, in a circular by its director of the compliance department, Amonia Opusunju, on Thursday announced a plan to begin “mystery shopping” exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. Terrorism (Prevention and Prohibition) Act, 2022, regulatory and supervisory guidelines for bureau de change operators in Nigeria, 2024."
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Source: Legit.ng
