Naira To Dollar: Nigeria’s Currency Declines Slightly At Official Window

Nigeria’s currency, the Naira, witnessed a mixed performance on Tuesday, appreciating in the parallel market while experiencing a slight decline at the Nigerian Foreign Exchange Market (NFEM).

Naija News understands that at the parallel market, the naira gained five naira, trading at ₦1,560/$1, compared to ₦1,565/$1 recorded on Monday.

However, at the official market, figures from the Central Bank of Nigeria (CBN) showed the currency depreciated by ₦1, dropping to ₦1,530.5/$1 from ₦1,529.5/$1 recorded a day earlier.

The contrasting movements in both markets led to a reduction in the exchange rate spread.

The margin between the parallel market and official window narrowed to ₦29.5 per dollar, down from ₦35.5 on Monday.

Currency analysts say the narrowing gap may indicate increased liquidity or intervention in the market, although the slight dip in the NFEM still points to underlying pressure on the naira at the official end.

However, the CBN has yet to comment on the latest fluctuation or whether new monetary measures are underway to stabilise the currency.

Meanwhile, the CBN has stated that there is no truth in reports that Nigerians residing outside the country are being charged $50 to obtain their Non-Resident Bank Verification Number (NRBVN).

The CBN Acting Director of Corporate Communications, Hakama Ali, explained that the nominal charge of approximately $50 is not a fee for obtaining a BVN, but rather a recoverable processing cost for remote biometric and due diligence verification.

She further clarified that there are no hidden charges related to the newly launched Non-Resident Bank Verification Number (NRBVN) platform, as the service remains entirely free of charge.

Naija News reports she made the clarification last Friday, where she noted that the $50 covers secure identity authentication, data handling, and technology infrastructure required to support the overseas enrolment process.

“Nigerians in the Diaspora previously paid $200. The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she stated, adding that “the NRBVN system is a voluntary, secure and convenient solution for Nigerians in the diaspora.”

The CBN official described reports that Nigerians outside the country are being charged to obtain their BVN as misleading and inaccurate and advised that the reports be disregarded.