Business
Naira crashes further as forex shortage deepens in official, parallel markets
The Nigerian naira extended its depreciation on Tuesday, April 29, 2025, closing at N1,602.02 per dollar at the official Nigerian Foreign Exchange Market (NFEM), according to data released by the Central Bank of Nigeria (CBN).
This marks a further decline from Monday’s closing rate of N1,596/$1, reflecting ongoing volatility and persistent dollar shortages in the forex market.
Intraday trading saw the naira hit a high of N1,602.02/$1 and a low of N1,596.7/$1, with the average rate standing at N1,600.04/$1. Compared to last Friday’s average of around N1,600/$1, this latest movement underscores a deepening downward trend.
In the parallel market, the naira also depreciated, with traders at Abuja’s Zone 4 reporting a rate of N1,610/$1 on Tuesday, up from N1,605/$1 on Monday. The growing divergence between the official and unofficial markets is raising fresh concerns about arbitrage and speculative activity.
Dealers attributed the pressure to rising demand from importers and individuals seeking dollars for overseas payments, further straining already limited forex liquidity.
Benue: Suspected herdsmen kill one, abduct another in Egwuma, Agatu
Expert calls for adoption of online learning to address education crisis
Herdsmen attacks: Gov Alia responds to call for state of emergency in Benue
‘Those that said they were Idoma by tribe were killed immediately by kidnappers’ – Survivor recounts horror
Nollywood actress Biola Bayo announces separation from husband
Police intercept arms dealers smuggling weapons from Benue to Kwara
Dr. Becky Enenche pays glowing tribute to husband on his 57th birthday
Man United will not give another chance to Sancho
Concerned Christian Youth Forum backs Pastor Ibieyome, warns against distortion of the gospel for clout
Top 10 Nigerian universities for medicine and health sciences in 2025
Benue LG Tribunal: I hold no resentment – Agatu chairman, Melvin Ejeh reacts to Appeal Court victory
