The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that volatility in the foreign exchange (FX) market has declined significantly, falling below 0.5%, as Nigeria’s monetary and fiscal reforms begin to stabilise the macroeconomic environment. 

The naira appreciated marginally to N1,597/$1 on Monday at the official foreign exchange market, according to data published by the Central Bank of Nigeria (CBN). 

The naira ended the week on a stronger note, appreciating slightly against the U.S. dollar to close at N1,599.01/$1 in the official foreign exchange market on Friday, according to data from the Central Bank of Nigeria (CBN).  

There has been a lot of anxiety in the sector recently as the fate of most of the licensed Bureau De Change (BDC) operators hangs in the air, unless the June 3, 2025, recapitalization deadline is further extended.

Nigeria’s external reserves have recorded a sustained rebound for the first time in 2025, rising by $364 million between April 30 and May 14, 2025. 

The fundamentals of the Nigerian currency have improved amid lower headline inflation readings and ongoing reforms by the Central Bank of Nigeria (CBN) aimed at boosting foreign exchange (FX) remittances.

The Nigerian currency oscillated between the N1620-25/$ support line in the unofficial market amid the resurgence of the dollar in the global financial market.

Nigeria’s currency, the naira, appreciated against the US dollar at the official foreign exchange market on Monday, closing at N1,597.7/$1, according to data published on the Central Bank of Nigeria (CBN) website. 

The naira oscillated near its 2025 lows amid renewed appetite for the greenback, while the U.S. dollar index posted upside this week Unofficial market data showed the Nigerian currency fluctuated at the N1625/30/$ band on Friday. It closed at N1608/$1 on the official market compared to N1612/$1 a day earlier signaling a major bearish period for the exchange rate. The...

The Naira depreciated to N1,612/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, May 7, 2025, down from N1,609/$1 recorded on Tuesday, May 6, 2025, according to data from the Central Bank of Nigeria (CBN). 

The Nigerian naira depreciated further against the US dollar at the official foreign exchange market, closing at N1,609/$1 on Tuesday, May 6, 2025.  

The naira remained stable at N1610–N1615 on the unofficial market as oil prices recovered above $61 per barrel, while the dollar index stayed stable in the global currency market.

The Central Bank of Nigeria (CBN) reported a sharp rise in currency management costs in 2024, with expenses increasing by over 300% amid the prolonged cash shortages that rattled the economy during the year. 

The Nigerian naira maintained stability at the official exchange window on Wednesday, closing at N1,602/$1, the same rate recorded on Tuesday.  

The naira continued its downward trajectory on Tuesday, April 29, 2025, closing at N1,602.02/$1 at the official Nigerian Foreign Exchange Market (NFEM). 

The Nigerian naira fluctuated around N2,177 per British pound in the unofficial market today.

The exchange rate between the naira and the US dollar depreciated to N1,596/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Monday, April 28, 2025, compared to N1,589/$1 recorded on Friday, April 25, 2025. 

The naira ended the trading week on a strong footing, appreciating to N1,589/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Friday, April 25, 2025. 

The Nigerian naira continued its depreciation against the US dollar at the official foreign exchange market on Thursday, closing at N1,605/$1. 

Nigeria recorded a net foreign exchange (FX) inflow of $15.20 billion in the first quarter of 2025

The naira depreciated to N1,606.00/$1 on Tuesday, April 22, 2025, at the official foreign exchange market. 

The naira maintained its position within the N1600–N1605/$ band against the global reserve currency, even as the dollar index climbed from a three-year low.

The Nigerian naira remained steady against the euro despite the European currency's aggressive surge against the U.S. dollar in international markets.

The Nigerian naira depreciated further in the official foreign exchange market on Thursday, falling to N1,600.50/$1. 

There are fears that the naira may go through another round of devaluation as the global crude oil prices, which have remained low due to the tariff war initiated by the US President, Donald Trump, put pressure on Nigeria’s 2025 budget.

Since Trump’s return to the White House and his renewed push for reciprocal tariffs, America’s aggressive trade stance in the last 90 days may have inadvertently begun to accelerate what was once a gradual effort by many nations of the world – American friends and foes alike – to curb some of their reliance on the dollar. 

The Nigerian currency showed weakness during midweek trading at the unofficial market, despite improved fundamentals in the country’s official market.

The Nigerian naira declined against the U.S. dollar at the official market, closing at N1,604.00/$1 on Tuesday, down from N1,599.00/$1 on Monday. 

The Nigerian currency posted marginal gains in the country’s foreign exchange market, while the U.S. Dollar Index fell to its lowest level since 2022.

The Naira appreciated against the US dollar on Monday, closing at N1,599.00/$1 in the official market.