CBN, GTBank Announce New Exchange Rates as Naira Depreciates Against Dollar
- The naira fell slightly at the official market but remained stable in the black market
- The Central Bank of Nigeria’s remittance policy for IMTOs has helped ease pressure on the naira
- Muda Yusuf, the CPPE CEO, told Legit.ng that the naira remains within a relatively stable band
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira has weakened marginally against the United States dollar at the official market before the Easter holiday on Thursday, April 2.
Data from the Central Bank of Nigeria (CBN) and Guaranty Trust Bank (GTBank) showed mixed performance across currency segments.
Source: Getty Images
Naira to dollar in the official market
According to the CBN data, the naira in the Nigerian Foreign Exchange Market (NAFEM) slipped by N2.09 or 0.15% to close at N1,380.79/$1, compared with N1,378.70/$1 recorded in the previous session.
However, the naira strengthened against other major currencies at the official window, appreciating by N2.77 against the British pound to N1,824.86/£1 from N1,836.57/£1, and gaining N10.54 against the euro to close at N1,591.92/€1, up from N1,602.46/€1.
Trading on Thursday marked the final session of the week ahead of the Easter holiday, with markets expected to remain closed on Friday and Monday.
At the parallel market, the naira held steady at N1,405/$1, reflecting relative stability in the informal segment.
While at the GTBank foreign exchange counter, the currency appreciated by N8 to N1,388/$1, compared to N1,396/$1 in the previous session.
Market analysts attributed the relative stability of the naira to improved policy measures by the CBN, particularly in the remittance segment.
The apex bank recently directed International Money Transfer Operators (IMTOs) to channel inflows through designated naira settlement accounts within the banking system, a move aimed at boosting transparency and increasing foreign exchange supply in the official market.
The development has helped ease pressure on the domestic currency and improve liquidity, even as external reserves trend slightly downward from the $50 billion level.
Expert views on naira performance
In a statement to Legit.ng, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said recent exchange rate movements reflect a broader pattern of relative stability in the foreign exchange market.
Source: Getty Images
According to Yusuf, the naira has stabilised within a band of about N1,340 to N1,430 per dollar in recent months, supported by improved foreign exchange liquidity and stronger external reserves.
He said:
"The exchange rate has shown notable stability in recent months, with the naira trading within a relatively narrow band, supported by improved foreign exchange liquidity and stronger reserves,” said Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise.
“However, this stability remains vulnerable to external shocks, particularly geopolitical tensions and shifts in investor sentiment"
Nigeria's foreign reserves have dropped for 7 consecutive days
Earlier, Legit.ng reported that Nigeria’s current account surplus narrowed in 2025, reflecting rising external pressures.
Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025 from $19.03 billion in 2024, though it remained above the $6.42 billion recorded in 2023.
According to the CBN, rising outflows weighed on the current account position.
Source: Legit.ng
