CBN Introduces New Exchange Rate Amid Naira Decline - Latest Updates
The Central Bank of Nigeria (CBN) has introduced a new official exchange rate for buying and selling US dollars as the Naira faces a decline. The move comes amidst increased demand for foreign exchange by corporate users.
Trading data from August 26, 2025, showed a slight gain in the parallel market but a slip in the official market. AIICO Capital Limited reported a surge in dollar demand in the interbank market.
The CBN intervened by selling $50 million to commercial banks to ease FX scarcity and prevent excessive volatility. Analysts noted the recurring pressure on importers and corporates seeking dollars for foreign obligations.
The CBN's ability to intervene is supported by Nigeria's reserves standing at $40 billion as of August 25, 2025.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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