Naira Appreciates Further, Trades N1,599.70/$ at Official Market

The naira on Tuesday traded N1,599.70/$ at official market maintaining stability in the foreign exchange (FX) market despite the drop in external reserves.

The Central Bank of Nigeria’s exchange data showed that it gained slightly against the dollar, rising to N1,599.70 on Tuesday from N1,599.94 on Monday.

However, a source at the black market told Economic Confidential that the naira remained flat at N1,605 per dollar at the black market on Tuesday, the same selling rate recorded on Monday.

This means that Nigeria’s currency, the naira, strengthened marginally by N0.20 per dollar on a day-to-day basis. Unlike on Monday, the naira firmed up against the dollar on Tuesday at the official market.

Nigeria’s gross external reserves declined by eight percent year-to-date to $37.84 billion as of April 28, 2025 from $40.88 billion at the beginning of the year, according to data from the Central Bank of Nigeria (CBN).

The naira has recorded appreciation since January, after the introduction of the Electronic Foreign Exchange Matching System (EFEMS) and the foreign exchange codes by the CBN.

At the Nigerian Foreign Exchange Market (NFEM), the naira has gained 3.8 percent of its value against the dollar in the last four months, closing at N1,599.70 on Tuesday compared to N1,661.12 on December 2, 2024 when transactions commenced on EFEMS.

The NAFEM window recorded an inflow of $735mn compared to $1.42bn in the previous week, a report by Coronation Merchant Bank Limited said.

The CBN accounted for 33.47 percent of the total inflows, while foreign portfolio investors (FPIs) were responsible for 11.99 percent. Non-bank corporates brought in 31.76 percent; exporters accounted for 21.17 percent, while other sources attracted 1.61 percent.