Naira falls after CBN denies devaluation

Naira on Thursday depreciated by 1.32 percent at the parallel market after the Central Bank of Nigeria (CBN) denied a report on currency devaluation.

Africa’s largest economy’s currency recorded N8 gain in the morning on devaluation speculation.

After trading on Thursday the local currency exchanged with the dollar at N755 as against N745 in the morning of the same day at the black market.

A trader told BusinessDay that there was strong demand for dollar during the intraday trading as people were buying and hoarding, speculating that the rate might go up soon.

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The Naira closed flat at N464.67 per dollar at the Investors and Exporters (I&E) forex window.

Most foreign exchange dealers who participated at the market auction on Thursday maintained bids between N460.00 (low) and N467.00 (high) per dollar.

The foreign exchange daily market turnover increased by 53.27 percent to $250.98 million on Thursday from $163.74 million recorded on Wednesday.

Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited, predicts a drop of 30 percent in demand for petrol on account of price deregulation, adding that that is huge for FX consumption.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.