Dollar to naira rate

Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose by N4.46, signaling a depreciation in the official market. As a result, the gap between the parallel and official exchange rates narrowed significantly to N21.34 per dollar, down from N40.80 per dollar the previous day.

Over the course of the week, from Monday, April 20 to Friday, April 24, the naira weakened by N9.66 per dollar in the official market. Activity in the interbank foreign exchange market also declined notably, with the number of deals dropping by 41.7 percent to 346 transactions from 594 recorded the previous week.

Similarly, market turnover fell by 49.5 percent to N248.44 million, compared to N492.57 million in the preceding week. In contrast, the naira gained N7 per dollar in the parallel market during the same period.

Market analysts say the outlook for the naira remains uncertain in the short term. According to Cowry Asset Management Plc, the currency will continue to be influenced by Central Bank interventions and overall foreign exchange liquidity conditions.

The firm noted that while recent gains point to some level of short-term stability, ongoing challenges such as external debt obligations, weak oil revenue inflows, and foreign portfolio outflows could limit the naira’s ability to sustain long-term appreciation.