Naira Falls Against US Dollar to Its Lowest Exchange Rate Level in 3 Weeks
- The naira fell to a three-week low, driven by strong dollar demand and limited foreign exchange supply
- Nigerian currency fell across official and parallel markets against the dollar
- It also weakened against the pound and euro amid persistent market pressure
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 Nigerian naira weakened to its lowest level in three weeks against the US dollar on Friday, April 24, as sustained demand pressures and limited foreign exchange supply continued to weigh on the currency.
At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated by N4.53, or 0.33%, to close at N1,358.44/$1, compared with N1,353.91/$1 recorded in the previous session.
Source: Getty Images
The local currency also declined against other major currencies in the official market. It fell by N8.14 against the British pound to close at N1,834.02/£1, down from N1,825.88/£1, and dropped N8.01 against the euro to settle at N1,590.73/€1, compared with N1,582.72/€1.
At the retail end, the pressure persisted. The naira weakened by N4 at the GTBank FX desk to N1,370/$1, while in the parallel market, it slipped by N5 to N1,380/$1, from N1,375/$1 a day earlier.
Data from the Central Bank of Nigeria (CBN) showed that interbank turnover rose to $43.56 million across 68 deals, up from $28.12 million in the previous trading session.
Despite assurances from the apex bank that the recent decline in external reserves is not a cause for concern, market sentiment remained fragile amid liquidity constraints and policy uncertainty.
Naira hits weakest level in three weeks
Separate CBN data showed the naira closed at N1,361.5/$ on Friday, its weakest level since April 9, when it settled at N1,365/$1.
The currency has recorded steady losses throughout the week:
- N1,361.5/$ on Friday
- N1,355/$ on Thursday
- N1,348.1/$ on Wednesday
- N1,350.99/$ on Tuesday
- N1,349.67/$ on Monday
A week earlier, the naira had closed at N1,342.5/$, indicating a depreciation of nearly N20 within one week.
Market watchers attribute the naira’s weakness to a mix of domestic and global factors, including strong demand for dollars and uncertainty in international markets.
A forex trading analyst, Kunle Ajayi, said demand for foreign exchange remains elevated.
He said:
“Demand for dollars is still significantly higher than supply, especially from importers and manufacturers who rely heavily on FX for their operations."
Source: Getty Images
Parallel market rates
Abdullahi, a Bureau de Change operator, told Legit.ng:
“The dollar buying rate is N1,395, while the selling rate is N1,404. The pound trades between N1,850 and N1,865, while the euro ranges from N1,612 to N1,623.”
Other currency rates
The CBN published the following exchange rates:
- CFA: N2.41
- Yuan/Renminbi: N198.70
- Danish Krona: N212.83
- Euro: N1,590.73
- Yen: N8.52
- Riyal: N362.16
- South African Rand: N82.00
- SDR: N1,865.65
- Swiss Franc: N1,727.19
- Pound Sterling: N1,834.02
- US Dollar: N1,358.44
- WAUA: N1,849.62
- UAE Dirham: N369.81
External reserves
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has revealed that external reserves have dropped to $49.57 billion, from a recent peak of $50.02 billion recorded on March 11, 2026.
In the last seven consecutive sessions, data from the CBN shows that reserves have dropped.
Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025
Source: Legit.ng
