The US dollar has appreciated slightly as the Nigerian naira slumps. What's happening with the NGN and USD exchange rate? The Nigerian naira has noted a slight downturn in value against the USD. This comes after recent gains, with the Naira now down (NAFEM) to N1,148.14/$1 on April 16, sliding against the US dollar in the foreign exchange market. Following last week’s appreciation, the naira began this week with a decline. The USD gained strength as the NGN slumped to a new low. As of Tuesday morning, the naira was exchanged for N1,400 to a US dollar on the street. This amount represents a 7.69 percent fall, or N100 slump, from Friday’s rate.

Currency traders are closely watching the situation, prompting calls on the Central Bank of Nigeria to sustain its efforts to stabilize the currency. Some warn that speculators could exacerbate the issue. While The Centre for Promotion of Private Enterprise, CPPE, has explained that the Naira has recorded massive gains against the dollar in the past weeks due to improvements in market dynamics, the recent dip highlights the volatility still present in the foreign exchange market. The Nigerian naira has noted a slight downturn in value against the USD. The Naira is down NAFEM to N1 148 14 1 on April 16 sliding against the US dollar in the foreign exchange market, indicating continued pressure on the currency.