The Nigerian naira on Thursday, April 3, 2025, depreciated to N1,600 per US dollar in the official Nigerian Foreign Exchange Market (NFEM), marking its lowest point in over three months.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate rose from N1,569/$ to N1,600/$, indicating a N31 loss in the naira’s value within 24 hours.
The parallel market exchange rate also saw a decline, with the naira falling to N1,565 per dollar from N1,555/$ the previous day.
This latest dip widens the gap between the official and black market rates to N35, compared to just N14 earlier in the week.
Key Highlights:
- Official CBN rate: N1,600/$ (from N1,569/$)
- Black market rate: N1,565/$ (from N1,555/$)
- Rate gap: N35 per dollar
What This Means for Nigerians
The continued depreciation of the naira is expected to further impact import costs, inflation, and purchasing power. Individuals and businesses depending on foreign exchange may face higher expenses.
Stay tuned for more updates on the Naira to Dollar exchange rate and other important financial news in Nigeria.
