The Nigerian naira came under renewed pressure today as the official NAFEM dollar rate climbed to ₦1,425 per US dollar, marking a significant 1.89% depreciation (₦27 loss) from the previous reading of ₦1,398.
According to the latest data released by Nairametrics and sourced from the Central Bank of Nigeria (CBN), the NAFEM window recorded the biggest single-day slide in recent weeks. The previous benchmark was set on 6 March.
IMTO Rates (International Money Transfer Operators) Parallel market rates, tracked through major remittance platforms LemFi and Remitly, showed milder movements:
- USD IMTO: ₦1,422/$1 (down 0.77% or ₦11 from ₦1,411 yesterday)
- GBP IMTO: ₦1,913/£1 (down 1.52% or ₦29 from ₦1,884)
- EURO IMTO: ₦1,645/€1 (down 0.55% or ₦9 from ₦1,636)
- CAD IMTO: ₦1,046/$1 (down 0.57% or ₦6 from ₦1,040)
External Reserves Edge Higher Nigeria’s external reserves posted a marginal gain, rising 0.03% to $49.944 billion (from $49.930 billion recorded on 5 March), according to CBN figures.
