Nigerian Naira Depreciates as Forex Turnover Surges
The Nigerian Naira has depreciated against the US Dollar due to a significant increase in foreign exchange turnover, reaching $52.47 billion in the first half of 2025, a 262.4% increase from the previous half-year. The surge was fueled by the Central Bank of Nigeria's electronic forex matching system.
Despite a slight slip in the Naira's value, Nigeria's external reserves have continued to rise, reaching $45.98 billion by January 21, 2026. The CBN attributed this improvement to stronger FX liquidity and enhanced market-based price discovery, boosting investor confidence.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigerian Naira Depreciates Against Dollar, Gains Slightly on Other Currencies
Nigerian Naira Strengthens Against US Dollar in Forex Market, Analysts Predict Stability
Nigerian Naira Depreciates Against Dollar, Gains Slightly on British Pound
Nigerian Naira Hits Record High Against US Dollar, CBN Reports Sharp Rise in Remittances
Naira Depreciates to N1,390/$ Amid Liquidity Concerns
Nigerian Naira Gains Over N100 Against US Dollar in 2025
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
