CBN Releases New Exchange Rate For Access, Zenith, UBA, Other Authorised Dealers as Naira Crashes
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian currency has depreciated against the US dollar after opening the week positively on Monday, June 16, 2025
The naira’s fall on Tuesday, June 17, 2025, raises concerns over renewed volatility in the forex market.
Source: Getty Images
Experts have predicted an appreciation of the local currency following the surge in crude oil prices caused by the Middle East tensions.
Data from oilprice.com shows that global benchmarks inched upwards on Tuesday, June 17, 2025.
Brent Crude rose 1.68% to $74.9%, Western Texas Intermediate (WTI) rose 1.54% to $73.31 per barrel, while Murban crude increased by 1.75% to $74.84 in the global crude oil market.
Analysts had hoped that the slight upward movement in crude prices would significantly affect Nigeria’s ebbing reserves, which dipped to $38.44 billion due to FX rate interventions by the Central Bank of Nigeria (CBN).
Data from the Nigerian Foreign Exchange Market (NFEM) shows that the naira closed at N1,547 per dollar, down from N1,543 it traded the previous day.
Currency dealers quoted the dollar at a high of N1,547.90 and a low of N1,543.
However, the apex bank fixed its forex rate at N1,545.3650 per dollar in the forex market.
“The naira is adjusting to the Middle East tensions,” senior banker and economist Janet Ogochukwu said.
According to her, the reserves accretion is not significant enough to affect currency rates.
“Remember, CBN splurged about $580 million in May to defend the naira. Further intervention could harm the reserves. I believe CBN is being strategic not to allow the naira to depreciate below a certain rate,” she noted.
The naira closed flat in the parallel segment of the foreign exchange market at N1,595 per dollar but appreciated in the week from N1,610 as of Sunday, June 15, 2025.
The CBN had reported that foreign exchange inflows into Nigeria rose by 62% per month to $5.96 billion in May 2025, as the Nigerian currency, the naira, appreciated to N551 per dollar due to renewed investor confidence and robust domestic participation in the FX market.
Source: Getty Images
FMDQ data shows that the rise in total inflows, which rose from $3.67 billion in April, was caused by a significant increase in contributions from local sources, which accounted for 83.2%.
Legit.ng earlier reported that CBN has adjusted the Customs foreign exchange rate for importers to clear goods at Nigeria’s air and seaports.
The new rate comes amid the naira’s massive gain against the US dollar on Thursday, June 5, 2025.
Data from the Customs trade portal shows that the apex bank crashed the Customs exchange rate in line with the recent naira gains.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
