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The naira continues to struggle against the US dollar, with the Central Bank of Nigeria (CBN) today pegging the official exchange rate at ₦1,604.4809 to the dollar.
This marks a 4.78% rise in the dollar’s value since the start of April, when it stood at ₦1,531.2451.
The latest data shows a steady upward trajectory for the greenback. Compared to Monday, April 7, when the CBN listed the dollar at ₦1,612.2368, the naira has seen a modest appreciation of 0.48%.
However, over the past two weeks, the broader trend reflects growing pressure on the Nigerian currency.
On Monday, the market opened with a selling rate of ₦1,604.4809 and a buying rate of ₦1,603.4809, representing a ₦12.6313 increase from the previous day — a 0.79% day-to-day jump.
FX forecast
Analysts say the spike in official exchange rates signals sustained demand for foreign exchange amidst tight dollar supply.
“The naira is clearly under pressure. With oil revenues fluctuating and foreign reserves stretched, we’re likely to see more volatility,” a currency trader in Lagos noted.
The CBN’s figures show the highest rate in the last 30 days was ₦1,629.9366 on April 9, while the lowest was ₦1,531.2451 on April 2.
This monthly swing underscores the currency’s instability and vulnerability to external shocks. Over the past year, the naira hit its lowest point at ₦1,478.22 on January 31, 2025, but April’s surge puts the currency dangerously close to its 365-day high.
Market watchers warn that unless Nigeria stabilises its foreign exchange reserves and boosts exports, the naira may face even steeper declines in the coming weeks.