Economy
Naira loses N81 to dollar
The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market.
FMDQ data showed that the naira tumbled to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.
This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.
Similarly, at the parallel market the naira depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.
Accordingly, this is the second time the naira is depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.
Meanwhile, the governor of the Central Bank of Nigeria, Olayemi Cardoso, in a statement on Wednesday said the country received $600 million inflow into its foreign reserves recently.
Earlier, Nigeria’s FX reserves dropped to $32.29 billion as of April 15.
However, Cardoso said as long as there is liquidity in the country’s FX market, Naira’s gain can be sustained.
The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).
This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.
Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.
Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week
What is the Dollar to Naira Exchange Rate in the Black Market (Also Known as the Parallel Market or Aboki FX)?
Below is the black market exchange rate for the U.S. dollar to the Nigerian naira as of Thursday, May 1, 2025. These are the typical rates at which you can exchange dollars for naira:
Dollar to Naira Black Market Exchange Rate (May 1, 2025):
At the Lagos Parallel Market, also referred to as the black market, Bureau De Change (BDC) operators are buying dollars at ₦1,602 and selling at ₦1,610, according to market sources.
Please note: The Central Bank of Nigeria (CBN) does not recognize or endorse transactions conducted on the parallel market. The CBN advises individuals and businesses seeking foreign exchange to use official banking channels.
The naira depreciated to N1, 615 per dollar in the parallel market from N1,610 per dollar on Monday.
Likewise, the Naira depreciated to N1,602 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,602 per dollar from N1,596 per dollar on Monday, indicating N6 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N13 per dollar from N14 per dollar on Monday.
CBN 2024 financial performance an indicator Cardoso’s twerking yielding results
Nigeria’s Strategic Foreign Policy Dilemma: Domestic Politics, Regional Instability, Russia’s Encroaching Geopolitical Influence in West Africa and Sahel
Alleged N8bn scam: Achimugu yet to fulfill EFCC bail conditions
-
Education22 hours agoJAMB Announces Date For Release Of 2025 UTME Results
-
News10 hours agoFive Asian countries Nigerians can visit without a visa
-
Entertainment10 hours agoOld Prophecy Of Pastor About VeryDarkman Goes Viral After His Arrest
-
News9 hours agoEzekwesili slams political establishment over harassment allegation, defends Natasha
-
News10 hours agoInsecurity! Bandits abduct 25 female wedding guests
-
News9 hours agoTompolo Launches Door-to-Door Campaign for Tinubu’s 2027 Re-Election!
-
News10 hours agoKyari breaks silence: “I’m not in EFCC custody, I served God, country, not corruption”
-
News3 hours agoINTERPOL uncovers 150 stolen vehicles from Canada in Nigeria, Gambia, other W.A. countries