On Monday, the Naira dropped to N1,612 per dollar in the official foreign exchange (FX) market, marking its lowest value since December 4, 2024, when the exchange rate was N1,613.69 per dollar.

The local currency depreciated by 2.89%, falling to N1,612.23/$ from N1,567.02/$ on April 4. Meanwhile, in the parallel market, the Naira depreciated by 3.51%, reaching N1,620 per dollar on April 8, down from N1,565 per dollar on April 7.

This decline comes despite the Central Bank of Nigeria’s (CBN) injection of $197.71 million into the FX market on April 4. The CBN stated that this was part of its efforts to ensure adequate liquidity and maintain a functioning market.

“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on April 4, 2025, with the provision of $197.71 million through sales to authorised dealers. This step aligns with the bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market,” the apex bank explained.

The move came amid recent negative shifts in global stock markets, triggered by President Donald Trump’s announcement of sweeping global tariffs on all imports into the U.S.

Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), urged the CBN to inject more liquidity into the interbank market and critical retail sectors to meet the demand for invisible transactions and support small and medium-sized enterprises (SMEs).

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