Sunday, May 18, 2025
  • Login
  • News
  • Business
  • Politics
  • Crime
  • Entertainment
  • Featured
  • Icons
  • Opinion
  • World
  • Tech
No Result
View All Result
No Result
View All Result
  • News
  • Business
  • Politics
  • Crime
  • Entertainment
  • Featured
  • Icons
  • Opinion
  • World
  • Tech
Home Trending

Naira Falls To N1,629/$ Despite $668m CBN Intervention

by Reporter theconscienceng
April 16, 2025
in Trending, Business
0
images 1 17 3
Share on FacebookShare on Twitter
Share on Facebook Share
Share
Share on Twitter Share
Share
Share on Linkedin Share
Share

images 1 17 3

Naira Falls To N1,629/$ Despite $668m CBN Intervention

 

The naira depreciated to ₦1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM) on Monday, despite a $688.8 million intervention by the Central Bank of Nigeria (CBN).

According to data published by the apex bank, the indicative exchange rate for the naira rose to ₦1,629 per dollar, up from ₦1,600 per dollar last Friday, reflecting a ₦29 depreciation.

Similarly, the naira weakened in the parallel market, falling to ₦1,570 per dollar from ₦1,565 per dollar last weekend.

As a result, the gap between the parallel market rate and the NFEM rate widened to ₦59 per dollar, compared to ₦35 per dollar the previous week.

The naira also depreciated by 2.4% at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window and by 2.6% in the parallel market in March, compared to the previous month.

READ MORE:  (Investigation) CBN Intervention Funds: Controversy As Keystone Bank Asks Participants To Pay Full Commercial Loan Rate on Performing Intervention Facilities

The latest Afrinvest Monthly Market Report, titled “Analysing Global and Nigerian Economies & Financial Markets,” showed that the naira dropped to ₦1,536.82/$ at the NAFEM window and ₦1,530.00/$ in the parallel market.

Naira Falls To N1,629/$ Despite $668m CBN Intervention

AIICO Capital, in its March macroeconomic market report, confirmed that the naira came under significant demand pressure. The report noted, “The naira experienced considerable depreciation in March 2025 due to persistent demand pressures in the Nigerian foreign exchange market.”

“Despite a substantial dollar intervention by the Central Bank of Nigeria, totaling $668.8 million, the naira weakened by 2.97% month-on-month, closing at ₦1,536.82/$ from ₦1,492.49/$ at the beginning of the month,” AIICO Capital added.

During this period, demand remained high, particularly from foreign portfolio investors and local corporations. The parallel market mirrored this trend, depreciating by around ₦43.50/$ to ₦1,536.00/$.

READ MORE:  Circular Introducing New ₦5,000, ₦10,000 Notes Is Fake — CBN

While liquidity improved mid-month through CBN interventions, demand continued to exceed supply. In the final week, despite continued CBN dollar sales and a slight appreciation of 0.5 bps, the naira remained under pressure. On a quarterly basis, the naira depreciated by 7 bps at the NFEM window, while external reserves declined by about $110 million to $38.31 billion.

Looking ahead, AIICO Capital suggests that the CBN is likely to continue supporting liquidity to stabilize the naira in the near term. However, the report warns that global risks—such as US tariffs and retaliatory measures—could spur volatility and capital flight.

In the past week, the naira experienced heightened volatility in the interbank Nigerian Foreign Exchange Market. Early in the week, it remained relatively stable, trading between ₦1,525 and ₦1,535/$, supported by consistent CBN interventions and moderate offshore inflows.

READ MORE:  Dangote set to cut sugar import by 40%

However, by midweek, a sharp reversal occurred as offshore demand surged, compounded by weakened oil prices due to OPEC+’s supply increase and global risk-off sentiment following tariff announcements from former US President Trump. This led to strong FX demand pressure and limited supply, pushing the naira to as high as ₦1,570/$. Despite the CBN’s intervention, the naira depreciated by 1.97% week-on-week, closing at ₦1,567.02/$, and foreign reserves declined by $149 million to $38.15 billion.

Share this:

  • Click to share on X (Opens in new window) X
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: CBNNaira
ShareTweet
Previous Post

Gov Sani Orders Release Of ₦3.8bn For Gratuity, Benefits

Next Post

Accelerating Tourism in Lagos: Cash Onadele’s The Noble Warrior as A Catalyst

Reporter theconscienceng

Reporter theconscienceng

Related Posts

Lagos Island APC Chairmanship Candidate, Oyekan Visits Badru, Strengthens Political Alliance
Politics

Lagos Island APC Chairmanship Candidate, Oyekan Visits Badru, Strengthens Political Alliance

by TheConscience NG
May 17, 2025
Peller, Jarvis May Break Up
Entertainment

Why I Rejected N3bn Netflix Offer For My Girlfriend – Peller

by Reporter theconscienceng
May 17, 2025
IMG 20250317 WA0014
Crime/General

Alleged N5.7 billion Fraud: EFCC Witness Reveals How Ex-Bank Employee Accessed Customers’ Accounts

by Reporter theconscienceng
May 17, 2025
FAAC 768x512 1
News

FG, States, LGs Share ₦1.681trn April 2025 Revenue

by Reporter theconscienceng
May 17, 2025
Police Inspector Allegedly Shoots Self Dead In Rivers
Crime/General

Guardian, 4 Others ‘Sell’ Newborn N3m

by Reporter theconscienceng
May 16, 2025
CyberDome Partners Cato Networks to Boost Cyber Security in West Africa
Tech

CyberDome Partners Cato Networks to Boost Cyber Security in West Africa

by TheConscience NG
May 16, 2025
Next Post
Accelerating Tourism in Lagos: Cash Onadele's The Noble Warrior as A Catalyst

Accelerating Tourism in Lagos: Cash Onadele's The Noble Warrior as A Catalyst

No Result
View All Result

Recent Posts

  • Lagos Island APC Chairmanship Candidate, Oyekan Visits Badru, Strengthens Political Alliance
  • Why I Rejected N3bn Netflix Offer For My Girlfriend – Peller
  • Alleged N5.7 billion Fraud: EFCC Witness Reveals How Ex-Bank Employee Accessed Customers’ Accounts
  • FG, States, LGs Share ₦1.681trn April 2025 Revenue
  • Guardian, 4 Others ‘Sell’ Newborn N3m

Get the latest news on the go!

Enter your email address

© 2025 TheConscience NG

TheConscience NG

  • About
  • Contact Us
  • Privacy-Policy
  • Terms and Conditions
  • TheConscienceNg.com | Breaking & Verified Nigerian News on the go!

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
X
Subject:
Message:
Ajax loader
No Result
View All Result
  • News
  • Business
  • Politics
  • Crime
  • Entertainment
  • Featured
  • Icons
  • Opinion
  • World
  • Tech

© 2025 TheConscience NG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Share with friends
Share on Facebook Share
Share
Share on Twitter Share
Share
Share on Linkedin Share
Share
%d