The Nigerian naira hit its lowest in 30 days on Thursday, April 3, 2025, in the official Nigerian Foreign Exchange Exchange Market (NFEM).

Data from the Central Bank of Nigeria (CBN) shows that the naira depreciated to N1,569 per dollar from N1,534, the previous day.

The depreciation is the lowest the local currency has gone in over 30 days as analysts fear it might fall off the N1,500 ceiling against the dollar.

According to financial experts, the naira found its footing in the FX market after the Nigerian government devalued it in 2023; however, they say it has lost about 70% of its value.

The naira’s depreciation comes amid various interventions by the CBN to improve liquidity and transparency in the FX markets.

The apex bank launched the FX Code to enhance market transparency and boost investors' confidence.

However, the latest depreciation seems to have put a dent in CBN’s efforts with analysts calling for serious interventions to halt further slide of the local currency.

Janet Ogochuckwu, senior banker and economist told Legit.ng in an exclusive interview that the CBN needs to intervene as a matter of urgency to forestall further crash of the local currency. “The naira is under severe pressure because of various factors.

The demand for the dollar has increased. The development in the downstream petroleum industry is pressuring the local currency.

Right now, oil marketers are chasing forex frantically to buy petroleum products after Dangote announced the halt in selling petrol in naira. The banks are swamped with tenders by oil marketers for FX funding.

The CBN needs to act fast to avoid a forex disaster in the market,” she said.

The development comes as Chatham House, a UK think-tank, warned against strengthening the naira, saying it is now more competitive than before.