As of Tuesday, April 15, 2025, the Nigerian naira depreciated against the U.S. dollar in the official foreign exchange market, closing at ₦1,604.00 per dollar, down from ₦1,599.00 the previous day.
In the parallel market, the naira also weakened, trading at ₦1,618.00 per dollar, compared to ₦1,605.00 on Monday.
The Central Bank of Nigeria (CBN) has been implementing reforms aimed at stabilising the foreign exchange market.
These measures include increased transparency, enhanced liquidity through interventions, and encouraging the use of naira for domestic crude oil transactions.
Despite these efforts, the naira continues to face pressure due to high demand for foreign currency and other economic factors.
