CBN Releases New Exchange Rate as Naira Gains in Official, Black Markets Against Major Currencies
The Nigerian currency the naira strengthened against major currencies in the Nigerian Foreign Exchange Market (NFEM)
Data from the Central Bank of Nigeria shows that the naira traded at N1,531 per dollar as against the previous day’s rate
Also, the naira appreciated in the parallel segment of the FX market, trading at N1,570 from N1,575 it traded the day before
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Nigerian currency’s value appreciated in the Nigerian Foreign Exchange Market (NFEM) on Monday, March 24, 2025.
The recovery is the first time in days that the naira will trade high against major currencies after a series of depreciations in the official market.
Naira recovers on CBN reforms
On Monday, March 24, 2025, the naira traded at N1,531.19 per dollar as against N1,536.89 it traded on Friday, March 21, 2025.
The naira’s recovery comes amid reforms implemented by the Central Bank of Nigeria (CBN) to boost the FX market and enhance transparency.
The latest rate solidifies the belief that the naira may have found its bearing in the FX markets after devaluation by the Nigerian government.
According to reports, NFEM recorded an inflow of $1.19 billion last week, compared to $1.10 billion the week before.
CBN Releases New Exchange Rate as Naira Gains in Official, Black Markets Against Major Currencies| image 27
Dollar inflows rise in FX market
Data from Coronation Merchant Bank shows that CBN accounted for 39.85%, non-bank corporates 23.81%, exporters accounted for 15.67%, and other sources accounted for 2.58%.
Last week, the apex bank accounted for 14.29 of the total inflows.
Data from the FX market shows that currency dealers quoted the dollar at a high of N1,537 per dollar on Monday, March 24, 2025, and a low of N1,527.
Similarly, the naira appreciated in the parallel segment of the FX market, closing at N1,570 and N1,575 relative to N1,580 it traded last week.
The naira appreciated against other currencies
The naira appreciated by 0.7%, closing at N2,020 against the British pound, gaining N15 from N2,035 per pound on Thursday, March 20, 2025.
The naira also gained N10 against the euro, closing at N1,700 on Monday, March 24, 2025, against the N1,710 it did on Thursday, March 20, 2025.
The naira fell 0.32% in the parallel market on Friday, March 21, 2025, trading at N1,590 per dollar.
Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s FX reserves declined 0.06% weekly to close at $38.35 billion as of March 21, 2025.
Currency dealers blame banks
Currency dealers blamed the banks for the naira’s depreciation, saying banks are hoarding foreign currency and refusing to sell to Bureau de Change (BDC) operators.
Abbas Yishau, a dealer in Lagos disclosed that accessing forex through the banks became challenging as the banks said they need the FX for other obligations.
“The naira would have remained more stable, even trading below N1,500 if the banks agreed to sell to other BDCs.
When we approach them to buy, the banks say they need the FX for other obligations. Our findings show that they prefer to sell to manufacturers and other big buyers,” he said.
CBN reviews Customs exchange rates for cargo clearance
Legit.ng earlier reported that CBN released a new exchange rate for cargo clearance at Nigerian ports following the depreciation of the naira in all foreign exchange markets.
The apex bank fixed the Customs rate at N1,536.39 per dollar from N1,530 the previous day.
The new Customs exchange rate is the same as the naira rate in the Nigerian Foreign Exchange Market (NFEM), which the CBN released on Friday, March 21, 2025.
