The Nigerian naira has depreciated to ₦1,606 per US dollar at the official foreign exchange market as of April 22, 2025, reflecting a 0.34% decline from the previous rate of ₦1,600.50/$1 recorded on April 17. This downturn follows the Easter holiday break and underscores ongoing pressures in the nation's currency market.
Highlights:
- Naira falls to ₦1,606/$1 at official market on April 22, 2025
- Represents a 0.34% decline from ₦1,600.50/$1 on April 17
- The parallel market rate also weakens to ₦1,615/$1 from ₦1,610/$1
- Continued disparity between official and parallel market rates
- Indicates sustained demand pressures and liquidity concerns
The naira's depreciation at both official and parallel markets signals persistent challenges in Nigeria's foreign exchange landscape. Despite efforts by the Central Bank of Nigeria to stabilise the currency, factors such as high demand for foreign exchange and limited supply continue to exert downward pressure. The widening gap between official and parallel market rates may further complicate economic planning and investor confidence.
As the naira faces ongoing depreciation, stakeholders are urged to monitor developments closely and consider the implications for trade and investment strategies.
