The naira on Monday fell by 2.8% in opposition to the greenback within the official international alternate (FX) market, regardless of the intervention of the Central Financial institution of Nigeria (CBN).
After buying and selling yesterday, the naira depreciated by N45.21 because the greenback was quoted at N1,612.23 in comparison with N1,567.02 quoted on Friday on the Nigeria International Trade Market (NFEM), knowledge from the CBN indicated.
The authorised foreign money sellers quoted the greenback on the highest charge of N1,655 per greenback and the bottom charge of N1,590/$ on Monday.
Learn additionally: Nigeria’s debt jumps 48.6% in 2024 on naira devaluation
Nonetheless, on the parallel market, also called black market, the native foreign money closed steadily at N1,565 on Monday.
On Friday, the apex financial institution injected a complete of $197.71 million into the market by authorised sellers, to reinforce liquidity out there.
The transfer was in step with its dedication to making sure satisfactory liquidity and supporting orderly market functioning.
This was disclosed in a press release signed by Omolara Omotunde Duke, director, monetary markets division. “This measured step aligns with the Financial institution’s broader goal of fostering a secure, clear, and environment friendly international alternate market.”
The CBN stated it famous current actions within the international alternate market between April 3 and 4, 2025, reflecting broader international macroeconomic shifts at present affecting a number of rising markets and creating economies.
These developments have been because of the current announcement of latest import tariffs by the USA authorities on imports from a number of economies, which has triggered a interval of adjustment throughout international markets. Crude oil costs have additionally weakened, declining by over 12% to roughly US$65.50 per barrel, presenting new dynamics for oil-exporting international locations similar to Nigeria.
“The CBN continues to observe international and home market situations and stays assured within the resilience of Nigeria’s international alternate framework, which is designed to regulate appropriately to evolving fundamentals.
Learn additionally: CBN opens greenback faucet as Trump tariffs check naira
“All Authorised Sellers are reminded to stick strictly to the rules outlined within the Nigeria FX Market Code and to uphold the best requirements of their dealings with shoppers and market counterparties,” the assertion learn.