CBN Releases Latest Naira to Dollar, Pound, Euro Exchange Rates

• The naira opened the week on a negative note against the dollar in the official foreign exchange market
• Latest data from the CBN showed that the naira weakened by N7 against the dollar officially on Monday
• The CBN is betting on its economic reforms to help the naira’s performance in the forex markets

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The value of the Nigerian currency depreciated to N1,596/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Monday, April 28, 2025.

Monday’s exchange rate is a N7 drop in value when compared to N1,589/$1, the exchange rate closed on Friday, April 25, 2025.

According to data published on the Central Bank of Nigeria (CBN) website, the naira traded at a high of N1,603.50/$1 and a low of N1,596/$1 during Monday’s session.

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The simple average rate for the day was N1,601.38/$1, highlighting continued volatility within the official market.

Naira value against the pound, euro

It’s a different story for the naira against the euro and the British pound as it appreciates in the official exchange market.

On Monday, the Nigerian currency closed near the euro in the official market at N1,818.81 per dollar, an improvement from N1,819.89 per euro.

Meanwhile, against the Pound Sterling in the same market segment on Friday, the naira appreciated to N2,186.64 from N2,130.44 per pound.

Naira improves in the black market

The naira in the black market also depreciated against the dollar.

Traders confirmed that the naira exchange rate has returned above N1,600.

For other currencies, Abdulahhi, a trader, said:

“The dollar is selling N1,600 again while the British pound is at N2,120 while the euro N1,800.”

Here is the CBN exchange rates snapshot

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• CFA: N2.77
• Yuan/Renminbi: N219.31
• Danish Krona: N243.66
• Euro: N1818.82
• Yen: N11.18
• Riyal: N426.49
• South African Rand: N86.02
• SDR: N2167.93
• Swiss Franc: N1932.30
• Pounds Sterling: N2186.65
• US Dollar: N1599.95

CBN accounts for 50% dollar inflows

According to data from CBN in its latest economic report revealed that the gross foreign reserves decreased by 0.39% w/w to close at $37.88 billion as of April 16, 2025.

Turning to the Chinese Yuan, the naira lost 0.44% against the Chinese Yuan (CNY), to close at N219.16CNY/N, BusinessDay reports.

Net foreign exchange inflows into the Nigerian economy declined to $4.79 billion in January 2025, down from $5.01 billion recorded in December 2024, representing a 4.4% drop.

The CBN attributed this decline to reduced inflows through its channels, even as total foreign exchange inflows into the economy also dipped.

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N1,300 exchange rate prediction

Ealier, Legit.ng reported that the Nigerian Economic Summit Group (NESG) has forecasted a massive naira appreciation to an average exchange rate of N1,300 to the US dollar in 2025.

The optimistic projection was stated in its 2025 economic outlook, released on Thursday, January 23, 2025.

According to NESG, the exchange rate forecast was based on higher foreign exchange earnings, driven by increased crude oil sales, revitalised manufacturing output from the oil refining sub-sector, and improved agricultural productivity.

Source: Legit.ng