Naira Crashes Against US Dollar to Lowest Level in 2025

• The value of the naira continues to depreciate across all foreign exchange markets against the US dollar
• The latest figure in the unofficial market, according to a Bureau de Change operator, is the lowest in 2025
• The naira is under pressure following the drop in crude oil prices, which is crucial for the CBN to receive dollar inflows to defend the naira

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.

Naira fell to its lowest level in 2025 against the US dollar at the parallel market, also known as the black market, on Thursday, May 8.

Currency traders who spoke to Legit.ng revealed that the Nigerian currency on Friday crashed to N1,628 per dollar.

Friday’s exchange rate shows a depreciation of N23 compared to the rate of N1,605 quoted on Friday, May 2.

The latest figure also marks the lowest value of the naira against the US dollar in the black market so far in 2025.

Abdullahi, a forex trader, told Legit.ng:

“As of last Friday, the dollar selling rate was N1,605, while we bought at N1,590. Today, we sell at N1,628 and buy at N1,613 per dollar.

"For the euro, we buy at N1,795 and sell at N1,815. The British pound selling rate is N2,160, and the buying rate is N2,140."

Naira to dollar at official market

It was, however, a different story for the naira in the foreign exchange (FX) market, the official exchange market.

Data from the CBN showed that the Nigerian currency improved its value against the United States dollar by 0.1% or 89 Kobo to trade at N1,609.57/$1, compared with the N1,610.46/$1 it was exchanged at midweek.

In the same official market, the naira tumbled against the pound sterling on Thursday by N7.75 to settle at N2,145.48/£1, versus Wednesday’s closing price of N2,137.73/£1.

Meanwhile, it gained against the euro by N3.35 to close at N1,818.41/€1, compared with the previous day’s N1,821.41/€1.

Here are the exchange rates published by the CBN

• CFA: N2.79
• Yuan/Renminbi: N222.46
• Danish Krona: N243.68
• Euro: N1818.41
• Yen: N11.12
• Riyal: N429.13
• South African Rand: N88.64
• SDR: N2184.44
• Swiss Franc: N1948.00
• Pounds Sterling: N2145.48

CBN records N13.9 trillion loss

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) recorded a N13.9 trillion loss, about $9 billion, as it tries to settle overdue contracts and prune FX liabilities on its balance sheet and save the naira in 2024.

The bank stated this in its 2024 financial report, stating that it redeemed legacy contracts with top US banks.

Available data shows that the loss more than doubled from N6.3 trillion in 2023 as the apex bank redeemed legacy transactions.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng