From Adanna Nnamani, Abuja
The naira weakened to ₦1,604.00 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, April 15, down from ₦1,599.00 on Monday, according to Central Bank of Nigeria (CBN) data.
It also fell against the British pound, trading at N2,115.25. In the parallel market, the naira dropped to ₦1,618 per dollar from ₦1,605.
Despite the decline, Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), expressed optimism, attributing recent market stability to CBN reforms. “
The consistent interventions by the Central Bank of Nigeria in the Nigerian Foreign Exchange Market have improved liquidity and mitigated volatility, thereby boosting investor confidence,” he said.
He highlighted crude oil sales in naira to local refineries as easing demand pressure, stating, “The continuation of crude oil sales in naira to local refineries has also doused the escalated demand pressure on the naira.”
Gwadabe noted global factors, like U.S. tariff revisions aiding market gains, and praised CBN’s transparency, citing a $6 billion net forex position and a 9% rise in diaspora remittances to $20.98 billion.
“This underscores the resilience of the CBN measures aimed at diversifying our sources of foreign exchange,” he said. However, he cautioned, “Despite all these positive indicators, it is still not ‘yet uhuru,” urging sustained fiscal-monetary collaboration to tackle inflation and security challenges.