₦airaland Forum

The naira depreciated by 2.4 per cent and 2.6 per cent in March at both the Nigerian Autonomous Foreign Exchange Market window and the parallel market compared to the previous month.

According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira dropped to N1,536.82/$ and N1,530.00/1.00 at the NAFEM window and parallel market, respectively.

AIICO Capital, in its monthly macroeconomic market report in March, also confirmed that the naira came under a lot of demand pressure despite interventions by the Central Bank of Nigeria to the tune of $668.8m.

“The naira experienced significant depreciation in March 2025 due to persistent demand pressure in the (Nigerian) foreign exchange market.
“Despite the Central Bank of Nigeria intervening with substantial dollar sales totalling $668.8m, the naira weakened by 2.97 per cent m/m, closing at N1,536.82/$ from N1,492.49/$ at the start of the month,” stated AIICO Capital.

In the period under review, demand remained robust, particularly from foreign portfolio investors and local corporates. AIICO Capital said that the parallel market mirrored this trend, depreciating by about N43.50/$ to N1,536.00/$.

Although liquidity improved mid-month with CBN interventions, demand continued to outstrip supply.
“In the final week, despite continued CBN dollar sales and a slight appreciation of 0.5 0.5 bps, the naira remained under pressure. On a quarterly basis, the naira depreciated by 7 bps q/q at the NFEM window. Meanwhile, external reserves fell by c.$110m to $38.31bn,” AIICO Capital further stated.

In terms of outlook, the investment house sees the CBN sustaining liquidity to stabilise the naira in the near term. “However, global risks—like US tariffs and retaliatory measures—may spur volatility and capital flight,” the report concluded.

Already, the Central Bank of Nigeria has stated that the naira has felt the impact of the global macroeconomic shifts set by the new tariffs imposed by the US president, Donald Trump.
In a statement signed by the Director, Financial Markets Department, Omolara Duke, the apex bank stated that recent movements in the foreign exchange market between April 3 and 4, 2025, made it inject about $197.71m through sales to authorised dealers on Friday into the FX market. The dollars sold between N1,519 and N1,595.20/$, according to analysts.

“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71m through sales to authorised dealers. This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.

“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.

All authorised dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties,” Duke said.
In the past week, the naira recorded heightened volatility at the interbank Nigerian Foreign Exchange Market. Early in the week, it remained relatively stable, trading between N1,525–N1,535/$ on the back of consistent CBN support and moderate offshore inflows. However, by midweek, there was a sharp reversal as offshore demand surged, compounded by weakened oil prices following OPEC+’s supply hike and global risk-off sentiment driven by Trump’s tariff announcements.

This led to strong FX demand pressure and limited supply, pushing the naira to as high as N1,570/$. Despite CBN’s intervention, the naira depreciated by 1.97 per cent w/w to close at N1,567.02/$, and foreign reserves declined by $149m to $38.15bn.

Amid the external pressure on the naira, analysts at Afrinvest said the pressure may be compounded due to the stoppage of the naira-for-crude initiative. It was projected that with the end of the initiative, FX demand would shoot up, as refineries join the “FX-seeking queue while PMS importers source more products from abroad. Against this backdrop, we expect the naira to remain pressured near-term, barring any unforeseen shocks.”

Cardinalstone, in its macroeconomic update on Monday, also affirmed that the Nigerian FX market has been negatively affected by offshore investors’ flight to safety as increasing domestic dollar demand put pressure on the naira (1-month return of -8.6% and YtD of -5.8%).

“Some of the concerns relate to the risk of the government not meeting its revenue target and the higher deficit that could imply. Speaking to this risk, crude production declined to c. 1.67 mbpd in February (vs. 1.74 1.74mbpd in January) amidst the material contraction in oil price (down by 14.2% YtD),” CardinalStone said.

Commenting on the global ripple effects, former Zenith Bank chief economist Marcel Okeke warned that the Trump-led tariff war could trigger inflation globally, with Nigeria particularly vulnerable due to its import dependence. “We’re likely to see an uptick in imported inflation,” he said.

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

Careful4u:
Doing the same thing and expecting a different result is the high of stupidity at its peak

Agbegbaorogboye:
https://punchng.com/naira-shed-2-6-in-march-despite-668m-cbn-intervention/

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

Wimkeh:
People are talking about N500 to $1. We can barely even hold the rate at N1500 to $1.

edoyad:
Owerri – The All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, on Monday said he would ensure that the Naira was equal to the dollar in value, if voted into office. Buhari stated this during the South-East presidential rally of the party at Dan Anyima Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’ he said. He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

Earlier, Gov Rochas Okorocha had urged APC supporters to vote for the party’s candidates at all levels, noting that a vote for Buhari without support to others at the state would amount to nothing. Okorocha said Buhari would address the problem of electricity, bring back the kidnapped Chibok girls and promote industrial growth. He said that Buhari was loved by the people in the region and urged them to elect him and other APC candidates during the March 28 and April 11 general elections.

Former governor of Anambra, Mr Chinwoke Mbadinuju and former Minister of Education, Chinwe Obaji, were formally welcomed to the APC at the rally. The rally was attended by APC supporters from Abia, Ebonyi, Anambra, Enugu and Imo. (NAN)

Read more at: http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/

Thewrath:
It will continue to shed,abi na obi cause am too

jameshankss:
Anambra State Governor, Professor Chukwuma Soludo, has said he is sure the candidate of Labour Party (LP), Mr Peter Obi, would lose the 2023 presidential election. Soludo said he would not submit to the bullying of Obi’s supporters, who recently descended on him for addressing issues in the state.

The governor made the comments in a lengthy write-up personally authored, with the title, “History Beckons, and I Will Not Be Silent (Part 1).”

Soludo said Obi was inadvertently making the pathway to victory much easier for the presidential candidate of All Progressives Congress (APC), Bola Tinubu, and at the same time, toying with the destiny of millions of Ndigbo.

But the chief spokesperson for the Labour Party Presidential Campaign, Yunusa Tanko, accused Soludo of being sponsored by some unknown persons to weaken the base of the party in the South-east.

The former CBN governor had been under intense attack for close to a week for dismissing Obi’s investment in the state as amounting to nothing, during a television interview.

Soludo said in the write-up, “My attention has been drawn to some of the tirades on social media following my frank response during an interview on Channels TV regarding the ‘investments’ Mr. Peter Obi claimed to have made with Anambra State revenues.

“Sadly, several of the comments left the issue of the interview to probe or suggest motives, inferred from my response on ‘investment’ that I am opposed to Peter Obi’s ambition and, therefore, committed a ‘crime’ for which the punishment is internecine abuse and harassment, even to my family.

“Everyone knows that I don’t follow the winds or one to succumb to bullies, or shy away from a good fight especially, when weighty matters of principles and future of the people are involved.”

Soludo said he had urged Obi to return to his former party, the All Progressives Grand Alliance (APGA), to actualise his presidential bid. He added that he had always told the LP candidate to his face that he was not capable of winning the 2023 presidential election, especially, under LP, which had neither a councillor nor a local government chairman.

Soludo said Obi was not just his friend, but also his brother, but despite that, they have their political differences.

He stated, “For full disclosure, let me state that Peter Obi and I are not just friends, we call ourselves ‘brothers’. But we have political differences: he left APGA for PDP after his tenure as governor, while I have remained in APGA since 2013.

“During the last two governorship elections in Anambra in 2017 and 2021, he led the PDP campaigns but APGA won landslide in both elections. By the way, in 2016, he visited and proposed that I defect to PDP and contest the 2017 election against the incumbent Willie Obiano, but I declined.

“After my victory in November 2021, he called to congratulate me, as I did to him in 2010. That is the Anambra way: we fight fiercely during campaigns but share drinks at the next social events. After all, it was the Great Zik of Africa, who taught us that in politics, there are no permanent friends or permanent enemies but only permanent interests.”

Arguing that Obi’s presidential bid would only work in favour of Tinubu, Soludo said, “Indeed, if I were Asiwaju Tinubu, I would even give Peter Obi money as someone heading one of the departments of his campaign, because Obi is making Tinubu’s pathway to victory much easier by indirectly pulling down PDP.”

Obi, according to Soludo, would only deplete the votes of the Peoples Democratic Party (PDP) and pave the path for an APC victory.

He stated, “The current fleeting frenzy, if not checked, will cost Ndigbo dearly for years. The South-east has the lowest number of votes of any region, but it is also the only region where the presidential race might be a four-way race (it is a two-way race in the other five regions) thereby, ensuring that our votes won’t count in the making of the next president of Nigeria.

https://www.thisdaylive.com/index.php/2022/11/15/soludo-i-wont-succumb-to-bullies-obi-knows-he-cant-win/

SoftSport:
Even though it's tough, Tinubu's effort and cbn's help are doing what they can to support the naira. Kudos to Tinubu. We are getting there.

Agbegbaorogboye:
This policy flip flop is unconscionable and ridiculous

In one breath we're floating the currency to let the value be determined by market forces at part of "reforms" to correct the ills of the past
In the next next breath we're defending naira with reserves to the tune of almost $1bn with little or no improvement

What is now all the noise about when you can't do better than Buhari?

Even the reserves have fallen to pre-Buhari levels with no subsidy on fuel or currency. So what's the point?

Agbegbaorogboye:
This policy flip flop is unconscionable and ridiculous

In one breath we're floating the currency to let the value be determined by market forces at part of "reforms" to correct the ills of the past
In the next next breath we're defending naira with reserves to the tune of almost $1bn with little or no improvement

What is now all the noise about when you can't do better than Buhari?

Even the reserves have fallen to pre-Buhari levels with no subsidy on fuel or currency. So what's the point?