The Nigerian Naira experienced a fluctuating performance against major foreign currencies in both the official and unofficial markets, according to recent data. In the official foreign exchange market, data from the Nigerian Foreign Exchange Market (NFEM) revealed that the Naira closed at N1,600.5 against the US dollar on Friday, April 18. This represents a slight depreciation compared to the previous day's closing rate of N1,599 per dollar.

However, the Naira showed some strength against the British Pound Sterling and the Euro in the official market. It traded at N2,120.23 per pound, appreciating slightly from the previous day's rate of N2,121.97. Similarly, the Naira gained against the Euro, exchanging at N1,817 per Euro compared to Thursday's rate of N1,818.17.

A breakdown of the Naira's performance against other foreign currencies in the official market on Friday, April 17, based on data from the Central Bank of Nigeria (CBN), is as follows:

In the parallel market, also known as the black market, the Naira showed some improvement against the US dollar. A BDC trader reported that the Naira gained N10 against the dollar, selling at N1,610 from a previous rate of N1,620, while buying at N1,590. The selling rates for the Euro and Pound Sterling were N1,785 and N2,110, respectively.

Despite these fluctuations, concerns remain about the Naira's future performance. Goldman Sachs Group Inc. Economist, Andrew Matheny, has projected that the Naira could suffer from lower oil prices. Matheny raised concerns over fiscal slippage for Nigeria, considering that the oil production assumption in the country's 2025 budget is already optimistic.

In related news, the recently enacted Investments and Securities Act, 2025 (ISA 2025), introduces significant reforms to Nigeria's investment landscape. A key provision of the new law is the prohibition of operating digital asset exchanges or online foreign exchange trading platforms without formal registration with the Securities and Exchange Commission (SEC). Consequently, any existing online forex platform or digital asset exchange that is not duly registered with the SEC is now considered illegal.