Naira plummets to ₦1,620/$1 in black market

The Nigerian naira suffered a sharp depreciation against major foreign currencies in the parallel market on Wednesday, April 9, 2025, as uncertainty loomed over the absence of official exchange rates from the Central Bank of Nigeria (CBN) several hours after the market closed.

In a significant blow to the local currency, the naira plunged to ₦1,620 per US dollar in the black market, reflecting a ₦55 loss from the previous day’s rate of ₦1,565/$1.

This sharp decline underscores the sustained volatility in the foreign exchange market, driven by persistent demand for the dollar and lingering scarcity.

The British pound also witnessed a notable appreciation against the naira, climbing to ₦2,050/£1 from ₦2,015/£1, marking a ₦35 drop for the Nigerian currency.

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Similarly, the euro traded at ₦1,720/€1, up from ₦1,670/€1 recorded the previous day. This amounts to a ₦50 loss for the naira against the European currency.

Meanwhile, the Canadian dollar remained unchanged at ₦1,150/CA$1, offering a rare moment of stability in an otherwise turbulent trading day.

The sharp depreciation comes amid a conspicuous absence of official exchange rate data from the CBN, raising concerns among market watchers and currency traders.

As of the close of trading on Wednesday, the apex bank had not updated its official foreign exchange data, further fueling speculation and uncertainty in the market.

Analysts warn that the widening gap between the official and parallel market rates could further erode investor confidence and complicate monetary policy efforts unless urgent measures are taken to stabilize the forex market.