The Nigerian naira recorded a marginal depreciation of 0.19% against the US dollar today, May 9, 2025, compared to the previous trading session. According to official data, the exchange rate moved from ₦1607.72 on May 8 to ₦1610.76 per $1.
This slight loss reflects shifting dynamics in forex demand, ongoing supply constraints, and current monetary policies enacted by the Central Bank of Nigeria (CBN).
Daily Naira Market Rates (May 9, 2025)
- Dollar to Naira: ₦1610.76 per $1
- Euro to Naira: ₦1818.90 per €1
- Pound Sterling to Naira: ₦2135.65 per £1
- Chinese Yuan to Naira: ₦222.80 per ¥1
The exchange rate remains sensitive to several influencing factors, such as foreign currency availability, inflationary pressures, and policy decisions. Limited access to official forex channels continues to push individuals and businesses toward the more flexible, albeit less regulated, parallel market often facilitated by Bureau de Change (BDC) operators.
For real-time updates, readers are encouraged to monitor platforms like Aboki Forex, the Central Bank of Nigeria (CBN) portal, and Google Finance.
Read more:
Market watch: Naira gains 0.18% against US dollar
Naira strengthens slightly: Dollar falls to ₦1601.85 in black market — 0.51% decrease
Naira under pressure as dollar trades at ₦1,605 in black market today
What Factors Affect Market Exchange Rates?
Despite recent government efforts to harmonize official and market-based rates, significant gaps remain. These differences are underpinned by deep-rooted structural and policy challenges:
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Limited Access to Official Forex
- High Demand, Low Supply: Nigeria’s import-reliant economy exerts sustained pressure on dollar demand.
- Regulatory Barriers: Official forex acquisition often involves bureaucratic delays and documentation hurdles, steering demand toward the parallel market.
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Distorted Exchange Mechanisms
- Managed Exchange Rate Policies: Historically, the CBN maintained an official rate misaligned with real market demand, allowing a robust black market to thrive.
- Multiple Rate Windows: Legacy policies created separate exchange rates for different sectors, fostering arbitrage opportunities and market confusion.
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Economic Pressures and Market Sentiment
- Persistent Demand-Supply Mismatch: Insufficient forex inflows and high consumer/investor demand have driven parallel market rates upward, despite reforms.
As the naira continues to navigate a volatile global economic landscape, daily monitoring of exchange trends is essential for individuals, businesses, and policymakers alike.
Stay with New Daily Prime for daily updates on exchange rates, forex market trends, and economic insights that matter.
