CBN Releases New Exchange Rate as Access, Zenith, UBA, Other Sell Dollars at New Rate
- The Nigerian currency depreciated again for the third consecutive days, sending panic to market watchers
- The development came as demand for the dollar surged in the Nigerian Foreign Exchange Market
- Sources say that the absence of interventions by the Central Bank of Nigeria (CBN) contributed to the local currency’s fall
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Nigerian naira weakened further on Wednesday, closing at ₦1,473.29 per dollar at the official Nigerian Foreign Exchange Market, according to new figures from the Central Bank of Nigeria (CBN).
This marks the third consecutive day of losses for the local currency, which began the week at ₦1,457.51/$, slipped to ₦1,463.23/$ on Tuesday, and lost another ₦10.06 (0.69%) by midweek.
Source: Getty Images
Major commercial banks including Access Bank, Zenith Bank, and UBA reportedly sold the dollar at the updated CBN rate, reflecting the market’s adjustment to the regulator’s latest guidance.
Parallel market shows mild relief
While the official market recorded losses, the naira slightly appreciated at the parallel market, closing at ₦1,488/$ on Wednesday compared to ₦1,500/$ the previous day, according to data from CardinalStone.
According to a report by Punch, the brief appreciation, however, has done little to soothe wider market concerns as traders continue to battle volatile exchange rates driven by inconsistent foreign inflows and demand pressure from importers.
Analysts sound caution despite earlier optimism
The renewed weakness comes just days after the naira hit a 10-month high of ₦1,455.17/$, its strongest level since December 2024. Analysts had expected stability following the CBN’s recent reforms and increased foreign exchange inflows, but those hopes are now fading.
In its latest report, Cowry Assets Management Limited attributed the depreciation to “diminished investor appetite” and warned that rising import demand or weaker dollar inflows could stall further recovery.
The firm added:
“Oil prices may remain under pressure due to higher supply, but any rebound in global demand could offer some support to Nigeria’s external earnings and FX stability. However, volatility in global oil markets may keep investor sentiment cautious.”
External reserves edge higher
Despite exchange rate fluctuations, Nigeria’s external reserves continued their upward climb, rising to $42.63 billion as of Monday, compared to $42.59 billion recorded last Friday.
Economists interpret the steady increase as a sign of gradual resilience in Nigeria’s external position, though not yet strong enough to anchor the naira against short-term volatility.
Cardoso: ‘Naira now more competitive’
Speaking at the G24 Media Briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington, CBN Governor Olayemi Cardoso said the currency is becoming more competitive following ongoing reforms.
“We were able to create resilience and buffers against potential shocks,” Cardoso said. “Those who follow the Nigerian economy are fairly comfortable with the direction. Nigeria is restructuring its economy, and a competitive currency is helping drive that transformation.”
His comments suggest that the CBN remains committed to maintaining market-driven reforms aimed at strengthening the naira and boosting domestic production.
Source: Twitter
Still, with banks adjusting to new exchange rates and market forces at play, traders and consumers alike remain on edge, watching whether the naira’s latest slide is a short-term dip or the start of another turbulent phase.
Exchange rate reaches highest level since 2024
Legit.ng earlier reported that The naira has appreciated massively in both the official and parallel markets as the market resumes trading after the independence day celebration on Wednesday, October 1, 2025.
The latest closing rate of N1,464 achieved on Thursday, October 2 is the highest level on Central Bank of Nigeria record since 2024.
Thursday’s rate represents a 0.88% or N13.15 appreciation of the naira compared with Tuesday’s rate of N1,478.
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Source: Legit.ng
