The exchange rate for the US dollar to the naira today is ₦1,600.7991, marking a slight decline of -0.432% compared to yesterday’s rate.
Over the past week, the dollar has shown relative stability against the naira, although it has slipped by -2.094% compared to its value seven days ago.
Within this one-week window, the exchange rate has fluctuated between a high of ₦1,636.71 recorded on April 10, 2025, and a low of ₦1,589.45 on April 14, 2025. The most significant single-day shift happened on April 10, when the naira strengthened, leading to a -2.252% drop in the dollar’s value.
Current Rates: 1 USD = ₦1,600.7991 1 NGN = $0.00062469
Naira weakened to N1,550 per dollar at the parallel market as dollar demand pressure from retail end users rises.
The naira opened the week at N1,498 per dollar and has stayed within the rate for weeks before the current low.
However, at the official market, the naira closed at N1,500 per dollar
Speaking on the development, Abudul Hassan, a Lagos-based Bureaux De Change (BDC) operator said the parallel market is where the dollar demand pressure has migrated to.
“Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, speculators seem to be finding their way back to the market,” he said.
Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the naira is falling on the back of heightened forex demand compared to limited forex supply.
He said: “When a currency is misaligned from its fair value, certain adjustments are inevitable. Last year, the misalignment was as much as 43 per cent, but this year, it is smaller, and the path to equilibrium will be less turbulent.”
Therefore, there is no need to panic—keep your fingers and toes crossed”.
The naira recorded major comeback in February, positing one of its biggest wins in recent months.
The local currency, which opened February at N1,640 to dollar at the parallel market closed the month stronger at N1,495 to dollar, representing N145 gain within the month.
At the official market, the naira closed at N1,492 from N1,620 it started the month of February on.
Michael Nwadike, FX Analyst said FX Speculators lost over N10 billion in current naira rally and will record more losses as the greenback holders dump it in open market.
According to him, the era of forex speculation and distortions in the domestic foreign exchange market came to an end after the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) began operations.
The implementation of the FX policy, came with diverse implications for all segments of the financial markets that deal on forex, including rebound in the value of the naira across markets.
“A stabilising naira is good for everyone stabilising at both the official markets, but sad over capital loses. This is not the time to hoard dollar because naira is fast finding its feet,” Olakunle Amos, FX trader based in Mushin Lagos. According to Bureau De Change operators in Wuse Zone 4, Abuja, naira rally made it difficult for speculators to make new purchases.
One of the traders Aminu Bakori said that he was surprised that the naira could record such gain within a short period.
He said the CBN’s decision to extend $25,000 weekly sale to Bureaux De Change (BDCs) at the Nigeria Foreign Exchange Market (NFEM) by four months is also impacting positively on the naira.
He said the sale of dollars to BDCs at the official market rate was to enable the operators meet rising demand for foreign exchange.
Asked what he thought was responsible for the positive turn in the fortunes of the Naira, Bakori said: “The CBN recently reminded the general public, especially travelers of the continued availability of personal travel allowance and business travel allowance from their banks to meet their personal and business travel requirements”.
Continuing, he said the apex bank promised that all legitimate and eligible foreign exchange transactions are expected to be complete in the NFEM, at the market determined exchange rate.
“The CBN reaffirmed its commitment to a fully functional foreign exchange market as it continues to provide liquidity when necessary to manage price volatility which brought positive feedback into the market,” he said.
Other FX operators said the era of forex speculation and distortions in the domestic foreign exchange market came to end with the ongoing implementation of FX Code.
However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate.
Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Aremu called for increased production to sustain the Naira’s gains.
He described the currency’s steady appreciation against the Dollar as a positive development.
“But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said.
He urged the CBN to focus on boosting productive activity in the economy to maintain stability.
According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity.
“The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy.
“If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise.
“The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said he believed the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.
While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, he added that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.
Specifically, he noted that recent initiatives undertaken by the Bank such as the FX code policy, Electronic Foreign Exchange Matching System (EFEMS), had helped to increase foreign exchange inflow to the country.
On his part, CBN Governor, Olayemi Cardoso described EFEMS as one of the many gains of the exchange rate unification policy, expected to birth several other gains in the market operation.
He said the policy will not only put forex market distortions under check, eliminate speculative activities and instill transparency, but will also make it difficult for abuse in the market to persist.
Cardoso said an enabling policy environment has led to a doubling of monthly remittances from an average of $300 million in 2023 to nearly $600 million in August 2024.
“We are committed to further integrating the Nigerian diaspora into our financial system, exemplified by the introduction of the non-resident Bank Verification Number registration. We expect our financial institutions to develop products that not only enable the diaspora to support their families but also provide opportunities for savings and investment in Nigeria,” Cardoso said.
Cardoso said the current exchange rate for the naira does not reflect the true value of the local currency.
He said the current US dollar exchange rate reflects the price that the most desperate buyers are willing to pay, and this, in the apex bank’s view, does not represent the true market value of the naira.
The CBN boss said the apex bank expects that the introduction of the electronic marketing system will correct these distortions by enhancing price discovery process for the naira.
Additionally, he stated that the move will significantly boost the central bank’s oversight and integration capabilities, ensuring a more stable and transparent foreign exchange market.
Cardoso also said that an FX market defined solely by when and how the central bank buys or sells dollars is inadequate for the needs of a dynamic economy like Nigerians.
“Now is the time for banks to step up to their intermediation and market making responsibilities providing customers with the right solutions to run their businesses and manage risk effectively, “ he said.
“The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy.
“If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise.
“The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand.
“Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said.
He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira.
Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions.
“The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said.
Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves.
The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline.
“We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated.
“The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added.
Naira rose against the US dollar in the foreign exchange (FX) market to settle at N1,499 in the official window yesterday.
The local currency rallied as forex market supply remained sufficient to meet aggregate demand from eligible FX users in the official window.
FX inflows fell by 46% in the forex market last week, and the Naira has remained steady with minimal fluctuations which suggests low demand pressure. Analysts said FX trading has been enhanced by a transparency, liquidity and foreign investors’ confidence. According to information obtained from the FMDQ platform, Naira appreciated by 0.16%, closing at N1,499.08 per dollar. The Central Bank of Nigeria (CBN) remain focuses on FX market price discovery, and has deployed aggressive US dollar sales to banks to strengthen market supply.
Hence, the Naira is trading strong against all foreign currency, the most prominent among which are US dollar, sterling and Euro.
The same experience in the official window has also filtered into the informal currency market where Bureau de Change (BDCs) operators are the main actors. The operators in the segment have been accessing foreign currency from Banks at official rate as instructed by Yemi Cardoso led CBN leadership.
Today, the Naira closed at ₦1,495 per US dollar in the parallel market – maintaining its stability. Latest data from the forex market has revealed that inflows into the Nigerian autonomous foreign exchange market (NAFEM) fell by about 46% last week. In a note, Coronation Research said the NAFEM window recorded an inflow of US$980.20 million last week as against US$1.80 billion recorded in the prior week.
With sustained FX intervention, the CBN was the major contributor, accounting for 17.02% of the total inflow. Also, foreign portfolio investors (FPIs) contributed 41.03% of the total inflows into NAFEM, and nonbank corporates added 27.35%. Inflows from exporters accounted for 14.22% of the total amount in the supply side, while other sources accounted for 0.38%. Elsewhere, oil prices remained near two-month lows as an unexpected rise in U.S. fuel stockpiles signaled weaker demand, while ongoing Russia-Ukraine peace talks pressured prices. Brent crude declined 31 cents (0.42%) to $72.71 per barrel, and U.S. WTI fell 20 cents (0.29%) to $68.73. Gold prices retreated following a record rally, with investors awaiting inflation data and updates on President Donald Trump’s tariff policies. Spot gold dropped 0.7% to $2,894.55 an ounce, after hitting a record high of $2,956.15 on Monday.
The naira rally continued last week following key policy changes at the Central Bank of Nigeria (CBN). In the parallel market, the naira appreciated to N1,540, and stabilized at N1,501/$1 in the Nigerian Foreign Exchange Market (NFEM), the official market. The continued naira gains have pushed FX speculators to post losses as they offload long-held dollar positions at cheaper rates, writes Assistant Editor, COLLINS NWEZE
For many people who understand the workings of the forex market, one of its biggest threat remains the activities of speculators. Such activities not only create panic and volatility in the market, but stifle investment into the domestic economy.
But of recent, the naira has been recording major gains across markets, pushing forex speculators to offload dollar holdings to guard against further loses.
The naira has sustained rally at both official and parallel markets, with the local currency, reaching its strongest level in nearly eight months. It closed at N1,540/$1 at the parallel market, and N1,500.41/$1 at the official market.
Analysts said FX speculators lost over N10 billion in current naira rally and will record more losses as the greenback holders dump it in open market.
One forex dealer, said he offloaded dollar stockpiled for months, over fears of losing more funds.
“A stabilizing naira is good for everyone stabilizing at both the official markets, but sad over capital loses. This is not the time to hoard dollar because naira is fast finding its feet,” Michael Amos, FX trader based in Mushin Lagos.
According to Bureau De Change operators in Wuse Zone 4, Abuja, naira rally has made it difficult for speculators to make new purchases.
One of the traders Aminu Bakori said that he was surprised that the naira could make such recovery within a short period.
He said the CBN’s decision to extend $25,000 weekly sale to Bureaux De Change (BDCs) at the Nigeria Foreign Exchange Market (NFEM) by four months is also impacting positively on the naira.
He said the sale of dollars to BDCs at the official market rate was to enable the operators meet rising demand for foreign exchange.
Asked what he thought was responsible for the positive turn in the fortunes of the Naira, Bakori said: “The CBN recently reminded the general public, especially travelers of the continued availability of personal travel allowance and business travel allowance from their banks to meet their personal and business travel requirements”.
Continuing, he said the apex bank promised that all legitimate and eligible foreign exchange transactions are expected to be complete in the NFEM, at the market determined exchange rate.
“The CBN reaffirmed its commitment to a fully functional foreign exchange market as it continues to provide liquidity when necessary to manage price volatility which brought positive feedback into the market,” he said.
Other FX operators said the era of forex speculation and distortions in the domestic foreign exchange market came to end with the ongoing implementation of FX Code.
Analysts advised foreign exchange (Forex) buyers to resist the urge of succumbing to the speculative activities of some players in the market to save the naira.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said he believed the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.
While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, he added that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.
Specifically, he noted that recent initiatives undertaken by the Bank such as the FX code policy, Electronic Foreign Exchange Matching System (EFEMS), had helped to increase foreign exchange inflow to the country.
The EFEMS was meant to check forex market distortions, eliminate speculative activities and instill transparency. The EFEMS, which is commonplace in developed and developing markets offers real-time information on currency rates, trading volumes, and market activity.
He urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.
He submitted that Monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange.
He attributed the ongoing rebound of the naira against dollar and other world currencies to the CBN’s policies.
Gwadabe hinged the naira rally to the newly implemented Foreign Exchange (FX) Code, rising investors confidence, and policies supporting more dollar inflows through diaspora remittances.
He backed the apex bank’s position that the FX Code is comprehensively addressing various aspects of market conduct and practice, it is not intended to be exhaustive.
He said the policy authorises the CBN to establish and enforce directives regarding the standards for financial institutions under which FX deals are to be conducted.
Gwadabe said the code will further entrench transparency and accountability in the FX market, and continually sustain naira rally.
He also backed CBN’s position that all institutions engaged in the foreign exchange market must also provide the CBN with a detailed implementation plan outlining how they intend to achieve full compliance with the FX Code.
These plans are expected to be formally approved and signed by the institution’s board of directors, and it must be accompanied by relevant extracts from the board meeting where the plan was reviewed and endorsed.
The local currency was battered in 2024 after it was devalued, leading to an over 40 per cent depreciation.
Experts attributed previous naira’s depreciation to high inflation but remained confident that better days are ahead, as the CBN takes strategic steps to curb inflation and strengthen the naira.
More views from stakeholders
In a report, CEO of Comercio Partners Capital, Stephen Osho, said that he expects the naira to appreciate further in the future. He attributed this optimism to several factors, including the clarity provided by the CBN regarding the clearance of foreign exchange (FX) backlogs.
“This has been one of the challenges we’ve faced in terms of supply shortages,” he explained.
Osho noted that in recent times, there has been an increase in FX inflows, improving liquidity in the market. He also pointed to the CBN’s focus on transparency, liquidity, and price discovery, all of which have contributed to this improvement.
Comercio Partners, in its 2025 macroeconomic outlook, highlighted that the rebasing of Nigeria’s Consumer Price Index (CPI) to 2024 would also create statistical effects that could lower inflation figures.
According to Ifeanyi Ubah, head of investment research and global macro strategist, “We expect headline inflation to decrease to around 15 percent in the first half of 2025, indicating a gradual return to economic stability.”
The report also emphasised the importance of local refining capacity expansion, particularly with the launch of the Dangote Refinery. This development is expected to reduce the impact of exchange rate fluctuations on energy prices. By relying more on domestically refined petroleum, Nigeria is likely to see a reduction in energy price volatility. This, combined with a more stable exchange rate, is expected to lower production and transportation costs, creating a positive ripple effect throughout the broader economy.
Managing Director, Afrinvest West Africa Limited, Ike Chioke, projected a sustained positive naira performance this month, supported by CBN’s efforts at entrenching transparency in market operations. “In this new month, we expect the naira to remain on a positive trajectory bolstered by CBN’s effort at currency stability,” he said in emailed note to investors.
The naira rally was also driven by inflows from Foreign Portfolio Investors (FPIs), substantial contributions from International Oil Companies (IOCs), and the CBN’s $18.40 million intervention to authorised dealers.
Other analysts also mentioned the renewed interest of Foreign Portfolio Investors (FPIs) in the FX market—driven by improved market confidence, a more efficient FX framework, and strengthening macroeconomic conditions—alongside the CBN’s sustained market interventions, is expected to continually support naira stability.
CEO, Countryside Markets Limited, Stevens Michael, said: “For me, the whole idea is just to ensure that there is a lot more sanity in the foreign exchange market because those characters have really created a whole lot of problems over the years in the foreign exchange market,”
“I think that is what the CBN is trying to do and the more we’re able to sanitise the markets, I think the more stability it will achieve in the foreign exchange market,” he said.
The CBN has stated that while every effort has been made to ensure that the FX Code comprehensively addresses various aspects of market conduct and practice, it is not intended to be exhaustive.
Governor Cardoso also noted that the journey towards market reform is already yielding results. He stated, “The year 2024 was marked by structural reforms that sought to return the naira to a freely determined market price and ease volatility as several distortions were removed from the market.”
Beyond the foreign exchange market, the FX Code forms part of the CBN’s renewed focus on compliance across the financial sector. Its six guiding principles, alongside 52 sub-principles, were designed to become the benchmark for conduct across all participating institutions.
Domestic, foreign investors eye economy
A member of the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC), Bala Bello, listed key indicators that have overtime, kept domestic and domestic investors attracted to the domestic economy.
In his personal statement during the last MPC meeting held in Abuja, he said the external reserves position have grown remarkably to $40.88 billion as of 21st November 2024 from $40.06 billion at end-October 2024.
The upsurge in reserves levels, he said strengthens the needed buffer to mitigate unforeseen risks and reinforces the importance of ongoing efforts at sustaining improved foreign exchange supply.
Bello said the rising reserves position, alongside the relatively stable exchange rate, would enhance Nigeria’s position as an attractive investment destination.
He maintained that the resilience of the domestic economy, bolstered by a strong financial system with robust soundness indicators, instils confidence in the economic structure.
“Major prudential ratios, such as capital adequacy, liquidity, and Non-Performing Loans ratios, were within prudential limits, reflecting proactive regulatory oversight and strong industry risk management practices. Significant credit was extended to growth-enhancing sectors such as agriculture, manufacturing and general commerce, as well as individuals and households,” he said.
According the MPC member, this credit played a crucial role in stimulating economic activities and supporting output performance, emphasizing the role of financial institutions in the economy.
He disclosed that the results of stress tests showed that bank’s solvency and liquidity ratios remained resilient in scenarios of potential severe macroeconomic shocks. Continued vigilance is, however, required to ensure that the banking system remains strong and stable amid lingering risks.
He added that everyone has a role to play in this, and our collective vigilance is crucial for the stability of our financial system.
Continuing, he said that notwithstanding, Nigeria’s Real Gross Domestic Product (GDP) has maintained a positive trajectory, with a growth rate of 3.46 per cent in the third quarter of 2024, compared with 3.19 and 2.54 per cent in the preceding and corresponding periods, respectively.
“This growth, driven by both the oil and non-oil sectors, with a notable contribution from the Services sector, is a testament to the resilience of our economy. The non-oil sector grew by 3.37 per cent in the third quarter, compared with 2.80 per cent in the second quarter, while the oil sector grew by 5.17 per cent (year-on-year), compared with 10.15 per cent in the preceding quarter,” he said.
Another MPC member, Aloysius Ordu, said CBN staff presentations show noteworthy green shoots since the era of tight money began.
“First, there has been a marked improvement in the current account balance. Q3 2024 data shows a surplus of US$6.29 billion vis-à-vis US$5.14 billion in Q2 2024; and the overall balance of payment position recorded a surplus of US$3.79 billion,” he said.
“Second, the external reserves stood at US$40.88 billion at end-October 2024, a remarkable 16.9 months of import cover. The exchange rate remained relatively stable for most of the second half of 2024, reflecting increased capital inflows on account of attractive yields,” he added.
On his part, another member of MPC, Bandele Amoo, said Nigeria’s Balance of Payments (BOP) position remained stable to support our external sector stability.
The BOP provisionally recorded a surplus in the 3rd Quarter of 2024 driven by positive balances in the current account and net asset acquisition positions.
The overall account positively stood at US$3.79 billion as at Q3 of 2024. Meanwhile, portfolio inflows remain high, recording a net inflow US$0.59 billion as at November 2024.
“The total foreign exchange flows through the economy stood at US$6,175 billion in September 2024 compared with $2,570.6 billion in August 2024. Furthermore, foreign reserves at the end of October 2024 stood at $39.68 billion, equivalent to several months of import cover”.
“External reserves is projected to further increase by year end due to expected reduction in import demand pressures arising from the full deregulation of the downstream oil sector, reduced petroleum products importation regime, increased inflows and other process management by the CBN,” he said.
Global inflation statistics
Earlier, CBN Governor, Olayemi Cardoso, said global inflation is projected to decline to 3.5 percent in 2025, down from its peak of 9.4 percent in 2022.
Speaking during the last Chartered Institute of Bankers of Nigeria (CIBN) Bankers Dinner in Lagos, he said major central banks are gradually easing their monetary conditions and this shift is slowly reopening access to international capital markets for emerging economies. However, global growth remains subdued at 2.6 percent, hindered by geopolitical tensions, China’s economic slowdown, and growing trade fragmentation.
He said the Sub-Saharan Africa has seen modest growth of 3.6 per cent last year, while still lagging pre-pandemic levels.
“The effects of monetary tightening measures have helped to curb inflation in some key markets such as South Africa and Kenya but many countries are still grappling with double-digit inflation rates and high debt service burdens. These challenges constrain the resources available for critical investment in education, healthcare and infrastructure,” he said.
While food prices remain a key contributor to the uptick, the Monetary Policy Committee members recently commended the efforts of the Federal Government for the improved security, especially in the North-East of the country, which would likely improve food production.
The committee members also noted the role of rising energy prices on the general price level due to its impact on factors of production. The recent increase in the price of Premium Motor Spirit (PMS) has also impacted the cost of production and distribution of food items and manufactured goods.
The committee members were optimistic that the full deregulation of the downstream sub-sector of the petroleum industry would eliminate scarcity and stabilise price levels in the short to medium term.
For Nigerians planning to travel abroad without worrying about fluctuating exchange rates, there are destinations where the naira holds more value than the local currency.
Exchange rates can significantly impact travel budgets, and choosing a country where the naira is stronger allows for better spending power and a more enjoyable trip.
Here are five countries where Nigerians can maximize their naira while traveling:
As of February 6, 2025, the exchange rate is approximately 16.86 Vietnamese Dong for 1 Nigerian Naira. Nigerian citizens must obtain a visa before traveling to Vietnam, whether for tourism or business purposes. In addition to the visa, Nigerian passport holders should ensure their passport is valid for at least six months beyond their intended arrival date and contains at least two blank pages for visa stamps.
2. Indonesia
One Nigerian Naira is currently equivalent to about 10.47 Indonesian Rupiah, making Indonesia an affordable destination. Nigerian citizens need a visa for tourism or business trips. To qualify for a tourist visa, travelers must have a Nigerian passport valid for at least six months beyond their stay. Proof of onward travel, such as a return ticket or departure confirmation, is also required. It’s recommended to check with the Indonesian embassy for the latest visa application details before booking your trip.
For Nigerian passport holders seeking to explore East Africa, Uganda is an excellent choice, with 1 Nigerian Naira equaling 2.45 Ugandan Shillings. Nigerians need a visa to enter Uganda, but the process is streamlined with the e-Visa system. You can apply online through the Uganda Immigration Portal. After submitting your application and necessary documents, you’ll receive an approval letter via email if granted. Upon arrival, you’ll need to present your passport and e-Visa at immigration.
4. Tanzania
The exchange rate is currently 1 Nigerian Naira to 1.71 Tanzanian Shillings, making Tanzania a budget-friendly option. Nigerian travelers must apply for a visa to enter the country. The e-Visa process simplifies the application, which can be completed online before departure. Once approved, travelers will receive an e-Visa confirmation. Make sure the visa is valid and matches the information in your passport, as discrepancies or expired visas may prevent boarding.
5. Lebanon
One Nigerian Naira currently exchanges for 59.80 Lebanese Pounds. Nigerian travelers are required to secure a visa before arriving in Lebanon. You’ll need a passport valid for at least six months beyond your intended stay, as well as proof of onward travel. In addition to the standard visa application process, Nigerian citizens may also opt for a Visa on Arrival. This option requires a reservation at a 3 to 5-star hotel and a minimum of US$ 2,000 in cash. Be sure to confirm all details with the Lebanese embassy before finalizing your travel plans.
The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82.
This represents a 1.4 per cent loss when compared to the previous trading day on Friday, Jan. 31, when the local currency closed trading at N1,474.78 to a dollar.
Trading on the Investors and Exporters (I&E) Forex window on Monday recorded a high of N1,497.50 and a low of N1,470.00.
The Naira has enjoyed relative stability against the dollar since December 2024 due to sustained reforms by the Central Bank of Nigeria (CBN).
The reforms are aimed at ensuring transparency in the foreign exchange (FX) market.
The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a Dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.
This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the Naira closed trading at N1,522.68 to the Dollar.
Trading on the Investors and Exporters (I&E) Forex window on Wednesday, recorded a high of N1,514.00 and a low of N1,504.00.
The Naira has enjoyed relative stability against the US dollar since Dec. 2024, when the Central Bank of Nigeria’s (CBN) introduced sustained sweeping reforms.
The apex bank on Tuesday in Abuja, introduced more measures, leading to additional health for the local currency.
The News Agency of Nigeria (NAN) reports that the apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.
CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.
The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.
Dr Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), in an interview with NAN on Wednesday, praised CBN for the waiver for his members.
Gwadabe called for support and compliance to CBN’s ongoing reforms, resulting in sustained stability of the local currency.
He also appreciated the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market.
“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Gwadabe said.
A year after an eyewatering slide against the dollar, the naira is enjoying a rare run of stability, and analysts expect it to last.
Nigeria’s battered currency has lost 70per cent against the greenback since foreign exchange controls were relaxed in 2023, including a steep depreciation 12 months ago.
But its performance since December tells a different story, with the naira holding in a narrow range roughly between 1,550 and 1,520 per dollar.
“We’re actually quite bullish on the naira, and we think that the naira can stabilise at 1,500, but potentially even stronger,” Deutsche Bank’s chief South African and sub-Saharan Africa economist Danelee Masia told Bloomberg Television’s Jennifer Zabasajja.
She noted Nigeria has raised dollar reserves, citing the $2.2 billion eurobond it sold on Dec. 2, while cautioning it remains vulnerable to the price of crude.
The naira’s slide was a deliberate result of relinquishing its longstanding fixed peg against the dollar after President Bola Tinubu took office in May 2023.
Holding the currency at an artificially strong level was blamed for distorting the economy and harming the nation’s exports.
As a result, the change was welcomed by foreign investors and the International Monetary Fund, even as it drove up the price of imports and fanned a cost-of-living crisis.
Since then, while the Central Bank of Nigeria does still step into the currency market from time to time to add liquidity, intervention is not viewed as the reason for recent naira stability.
Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. in London, said monthly dollar inflows into Nigeria were at $2.5 billion from foreign direct investment, versus the Central Bank of Nigeria’s own supply of $280 million.
“With most of the flows in the forex market coming from non-CBN-related sources, I think it would be reasonable to consider the current FX rate as real,” he said, arguing that Nigeria’s high interest rates are attractive to offshore capital.
“If rates remain above 15per cent, this is likely to be sufficient to retain the FDI flows and keep the forex rate stable,” he said, adding that current naira levels around 1,550 per dollar “is a reasonable reflection of supply and demand.”
The CBN has raised interest rates to a record 27.5per cent to combat inflation, which stood near a 29-year high of 34.8per cent last month, and is expected to keep policy tight after its next meeting on Feb. 17-18.
