The value of the naira slid to ₦1,604 per US dollar on Tuesday, April 15, marking a slight drop from the previous day’s rate of ₦1,599 in the official Nigerian Foreign Exchange Market. This is based on figures released by the Central Bank of Nigeria. The currency also weakened against the British pound, trading at ₦2,115.25.
On the parallel market, the naira saw a similar downward trend, exchanging at ₦1,618 per dollar, compared to ₦1,605 a day earlier.
While the naira’s performance has shown signs of strain, Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, remains confident in the direction of the market. He credited the Central Bank’s ongoing reforms for boosting investor confidence and helping to steady the market. Gwadabe explained that the CBN’s regular interventions have helped improve liquidity and reduce volatility.
He pointed to the practice of selling crude oil in naira to domestic refineries as a helpful step in easing demand for foreign exchange, which in turn supports the local currency.
According to Gwadabe, the CBN’s transparent policies are beginning to show results. He highlighted a net foreign exchange position of $6 billion and a 9 percent increase in diaspora remittances, which rose to $20.98 billion. He described these as positive signs that the central bank’s strategies are beginning to diversify the nation’s forex sources.
However, he urged caution, saying the country has not yet fully stabilized and that it is crucial to maintain coordination between fiscal and monetary authorities. He emphasized the importance of staying committed to tackling inflation and ongoing security concerns to support long-term economic recovery.
