In today’s foreign exchange market, the Nigerian naira recorded a slight depreciation against both the US dollar and the British pound, reflecting continued volatility in the currency landscape.
According to market data, the naira slipped by approximately 0.21% against the US dollar. As of 04 May 2025, the dollar exchanged for ₦1603.83. However, by today, the rate had edged up to ₦1607.30, signalling a minor but notable decline in the naira’s value.
Similarly, the naira weakened against the British pound by 0.30%, moving from ₦2127.56 per pound yesterday to ₦2133.97 today. This marginal drop highlights ongoing pressure on Nigeria’s local currency amid fluctuating global currency demand and domestic economic adjustments.
This depreciation can be attributed to a combination of market speculation, sustained demand for foreign currency, and broader macroeconomic challenges. Some experts have warned that without stronger fiscal measures and an increased supply of forex, the naira may continue to face downward pressure in the coming weeks.
The Central Bank of Nigeria has not yet released an official statement regarding today’s fluctuations, but insiders suggest intervention strategies may be considered if the depreciation trend persists.
For consumers, importers, and businesses transacting in foreign currencies, even small shifts in exchange rates can impact pricing and profit margins. As such, financial stakeholders are closely monitoring the naira’s performance ahead of the next monetary policy announcement.
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