CBN Releases Latest Naira Exchange Rate Against US Dollar, Pound, Euro

• The value of the naira was unchanged against the US dollar in the foreign exchange market despite pressure
• Data from CBN showed that Nigeria’s external reserves so far in 2025 have dropped by 8 per cent
• The IMF and World Bank have shown support for the CBN's push for a unified, market-driven exchange rate

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 naira has maintained stability against the United States dollar at the close of trading on Wednesday, April 30, 2025.

Data from the Central Bank of Nigeria showed that the naira ended the month of April with a closing rate of N1,602.

Wednesday's exchange rate is the same as the previous day despite continued pressure on the niara.

It was the same story at the parallel market as the naira exchange rate was unchanged against the US Dollar on Wednesday at N1,605.

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Abudulahii a BDC operator told Legit.ng:

“We buy dollars at N1,595 and sell at N1,605, While pound we buy at N2,100 and sell at N2,120. For Euro the selling rate is N1,800 and we buy at N1,785."

Naira vs euro, and pound

Also, against the Pound Sterling, the naira appreciated on Wednesday to N2,129.6/£1 compared to Tuesday's rate of N2,145.85/£1.

However, it appreciated against the euro to trade at N1,814.3/€ from N1,823.82/€1 reported on Tuesday.

Here are other exchange rate snapshot

• CFA: N2.77
• Yuan/Renminbi: N219.49
• Danish Krona: N243.05
• Euro: N1,814.32
• Yen: N11.17
• Riyal: N425.67
• South African Rand: N85.73
• Swiss Franc: N1,938.44

Foreign reserves drop

BusinessDay reports that Nigeria’s gross external reserves declined by 8% year-to-date, falling to $37.84 billion as of April 28, 2025, from $40.88 billion at the beginning of the year, according to data from the Central Bank of Nigeria (CBN).

The naira has been under pressure; however, the introduction of the Electronic Foreign Exchange Matching System (EFEMS) and foreign exchange codes by the CBN has helped the naira remain stable around N1,500 to N1,600.

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The World Bank Group stated that the weakest-performing currencies over the past year were the South Sudanese pound, the Ethiopian birr, and the Nigerian naira, each experiencing a decline in value exceeding 40% in 2024.

In its 2025 Africa’s Pulse report, the World Bank noted that policy efforts are focused on achieving a unified and market-determined exchange rate to enhance the competitiveness of the naira. As a result of these policies, improved foreign exchange liquidity and reduced volatility have contributed to a more stable naira so far this year.

BDC operators accuse banks of not selling dollars

Ealier, Legit.ng reported that BDC traders have accused commercial banks of not selling dollars to them despite directives from the CBN.

The traders believe that the lack of forex available to them is one of the reasons the naira will struggle to maintain stability.

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Source: Legit.ng