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Naira Weakens Further To N1,629/$1 On Official Market - NEW TELEGRAPH
The naira depreciated further on the official market, on Monday, as it fell to N1,629/$1 compared with N1,573.23 per dollar last Friday, data from the Central Bank of Nigeria (CBN) shows.
However, on the parallel market, the local currency appreciated against the greenback as it traded at N1,560 per dollar compared with N1,565/$1 over the weekend.
Analysts attribute the naira’s recent weakness at the official Foreign Exchange (FX) market to the fallout of the turmoil in global markets triggered by the United States government’s announcement, last Tuesday, of new import tariffs on imports from several countries.
New Telegraph reports that, over the weekend, the Central Bank of Nigeria (CBN) announced that it boosted liquidity in the foreign exchange market through the sale of $197.71 million to Authorized Dealers.
In a statement signed by its Director, Financial Markets Department, Dr. Omolara Duke, the apex bank said that the forex sale, which was made to the dealers on Friday, April 4, 2025, was in response to recent developments in the foreign exchange market, occasioned by the new import tariffs announced by the United States government.
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The statement partly read: “The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.
“These developments waas a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
“Crude oil prices have also weakened – declining by over 12% to approximately $65.50 per barrel – presenting new dynamics for oilexporting countries such as Nigeria.”
