The value of Nigerian currency has depreciated against the United States dollar in the foreign exchange market.
According to data from the Central Bank of Nigeria (CBN) closed at the Nigerian Autonomous Foreign Exchange Market (NAFEM) at N1,500.73/$1.
Friday’s exchange rate is a loss of 0.12% or N1.73 when compared to the N1,499.00/$1 reported on Thursday.
However, the Nigerian currency appreciated against the British pound sterling by N17.78 to settle at N1,880.69/£1 versus Thursday’s closing value of N1,898.47/£1.
While it gained N19.93 on the euro to sell for N1,552.94/€1, in contrast to the preceding session’s N1,572.87/€1.
Here is a snapshot of the naira exchange against the dollar
Also, the naira depreciated in its value against the dollar in the parallel market, known as the black market.
Traders who spoke to TimesNow.com.ng confirmed that the dollar crashed by N15 on Tuesday.
Abdullah, a BDC trader, revealed:
Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged lawmakers to exempt foreign exchange transactions from excise taxes, warning that the levy could heighten exchange rate volatility and inflation.
Speaking at a House of Representatives Public Hearing on the Tax Reform Bill in Abuja on Thursday, ABCON President Aminu Gwadabe, represented by the Chairman of the North Central Zone, Thomas Okoye, said imposing an excise tax on transactions by licensed bureaux de change (BDCs) would be counterproductive, Punch reports
Gwadabe said:
TimesNow.com.ng previously reported that the Central Bank of Nigeria disclosed that Nigeria’s foreign reserves had dropped below $40 billion.
This latest figure is $2.2 billion when compared to the $40.88 billion the reserves stood at at the beginning of January 2024.
The current balance is the first time that Nigeria’s reserves fell below $39 billion in 2025 amid moves by the CBN to clear forex obligations to avoid pressure on the naira.
Source: TimesNow.com.ng
