LAGOS, Nigeria — On April 15, 2025, the naira gained strength against the dollar in the black market currency exchange. The Bureau De Change operators reported the buying rate at ₦1,610 and selling at ₦1,620, a decrease from last week’s selling rate of ₦1,620.
Abubakar Alhasan, an operator based in Abuja’s Wuse Zone 4, attributed this rise to a reduction in demand for the U.S. dollar as the week began. He explained, “The weak dollar demand today contributed to the naira’s small appreciation, marking a ₦10 gain in the unofficial market.”
However, the official Central Bank of Nigeria (CBN) statistics told a different story. The naira fell slightly to ₦1,604.48 against the dollar on the same day, down from ₦1,604.48 on Friday, reflecting a loss of ₦0.70. This indicates volatility in both markets, as the dollar still maintains strength compared to the local currency over the month.
This week’s fluctuations come ahead of the National Bureau of Statistics releasing new consumer price index and inflation data on Tuesday, a key indicator that may influence forex rates further.
The current black market rates demonstrate a stark contrast to the CBN’s official rates. The CBN listed the dollar at ₦1,591.84, while other major currencies saw similar disparities: the British Pound exchanged at ₦1,990.57 (buying) and ₦1,991.86 (selling), while the Euro was priced at ₦1,659.90 (buying) and ₦1,660.99 (selling).
Trade in cryptocurrencies also remains dynamic. Bitcoin (BTC) is currently valued at ₦170.3 million, and Ethereum (ETH) at ₦5.3 million, highlighting the broad spectrum of Nigeria’s financial market, marked by both traditional forex concerns and rising interest in digital currencies.
Investors and businesses are facing increased challenges due to the ongoing gap between the official and black market rates. The disparities reveal underlying economic pressures affecting forex supply and creating hurdles for legitimate currency transactions.
Analysts underscore the importance of stable forex access for economic reform and growth. “The central bank needs to tighten its interventions to limit currency volatility,” stated a financial market expert. As Nigeria navigates these financial dynamics, the impact of ongoing efforts to stabilize the naira remains to be seen.
