Nigeria’s currency continued its downward slide on Monday, dropping to N1,612 against the US dollar in official trading. This marks the naira’s weakest level since December last year when it briefly touched N1,613.69 per dollar.
At the Nigerian Foreign Exchange Market, the naira lost nearly 3% of its value in just one day, falling from N1,567.02 on Friday to N1,612.23. The situation looked worse in the parallel market, where the exchange rate tumbled to N1,620 per dollar – a 3.5% drop from the previous day’s rate of N1,565.
The Central Bank had tried to stop the naira’s fall by pumping $197.71 million into the market last Friday.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71m through sales to authorised dealers. This measured step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the apex bank said.
The naira’s troubles come as global markets react to new trade policies announced by former US President Donald Trump. Despite the Central Bank’s efforts, demand for dollars continues to outstrip supply.
Aminu Gwadabe, who leads Nigeria’s bureau de change operators, urged the Central Bank to do more. He said the bank should provide more dollars to both commercial banks and currency traders to help meet demand from small businesses and individuals who need foreign exchange for essential transactions.
With the naira under so much pressure, many Nigerians are waiting to see what steps the Central Bank will take next to stabilize the currency. The continued fall in the naira’s value is causing concern among businesses and consumers alike.
