Victor EzejaNigeria’s currency, the naira, recorded a slight depreciation against the dollar in the foreign exchange market on Tuesday, after Easter holiday.
Data published on the Central Bank of Nigeria’s (CBN) website showed that the naira dropped to N1,602.63 per dollar on Tuesday from N1,599.93 exchanged on Thursday last week at the Nigerian Foreign Exchange Market (NFEM).
Join our WhatsApp ChannelThis indicates that the naira fell against the dollar by N2.7.
The CBN data also showed that the closing rate for Tuesday was N1,606 per dollar, while the highest rate quoted by currency dealers was N1,610, and the lowest rate, N1,598.50.
The local currency remained stable at N1,610 per dollar in the parallel market, also known as the black market.
According to a report by Coronation Merchant Bank, the NAFEM window saw an inflow of $1.42 billion as opposed to $847 million the week before. The report showed that 50.60 per cent of the overall inflow came from the CBN. 8.61 per cent came from foreign portfolio investors (FPIs), 25.14 per cent from non-bank corporates, 12.99 per cent from exporters, and 2.66 per cent from other sources.
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On a week-on-week basis, the naira gained N3.68 or 0.23 per cent against the US dollar in the official foreign exchange market.
The CBN has continued to intervene in the foreign exchange market in various ways, including selling FX to authorised dealer banks, to boost liquidity and stabilise the naira.
The gross foreign reserves declined by 0.39 per cent week-on-week to close at $37.87 billion as of Thursday, 17 April 2025, according to CBN data.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
