The naira continues to struggle against the US dollar, with the Central Bank of Nigeria (CBN) today pegging the official exchange rate at ₦1,604.4809 to the dollar.

This marks a 4.78% rise in the dollar’s value since the start of April, when it stood at ₦1,531.2451.

The latest data shows a steady upward trajectory for the greenback. Compared to Monday, April 7, when the CBN listed the dollar at ₦1,612.2368, the naira has seen a modest appreciation of 0.48%.

However, over the past two weeks, the broader trend reflects growing pressure on the Nigerian currency.

On Monday, the market opened with a selling rate of ₦1,604.4809 and a buying rate of ₦1,603.4809, representing a ₦12.6313 increase from the previous day — a 0.79% day-to-day jump.

FX forecast

Analysts say the spike in official exchange rates signals sustained demand for foreign exchange amidst tight dollar supply.

“The naira is clearly under pressure. With oil revenues fluctuating and foreign reserves stretched, we’re likely to see more volatility,” a currency trader in Lagos noted.

The CBN’s figures show the highest rate in the last 30 days was ₦1,629.9366 on April 9, while the lowest was ₦1,531.2451 on April 2.

This monthly swing underscores the currency’s instability and vulnerability to external shocks. Over the past year, the naira hit its lowest point at ₦1,478.22 on January 31, 2025, but April’s surge puts the currency dangerously close to its 365-day high.

Market watchers warn that unless Nigeria stabilises its foreign exchange reserves and boosts exports, the naira may face even steeper declines in the coming weeks.

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Ebelechukwu Nwachukwu, managing director of Rex Insurance Limited, has advocated for greater youths involvement in the insurance industry in Nigeria

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Why choosing a regulated retail broker is crucial for a secure and transparent trading experience

Choosing a broker to open an account with is similar to purchasing a new car. The decision-making and thought processes are roughly the same. Ultimately, traders and car buyers are looking for similar things: a reliable, trusted, and secure product that can facilitate their needs.

With this in mind, a car buyer would be reluctant to put their faith in a disreputable or untrustworthy brand, and the same logic applies to trading firms. In this case, traders globally favor fully licensed and regulated brokers, but why is this important? Let’s explore this matter further by examining whether users should care if a company is licensed or not.

The importance of regulation for traders

When classifying a broker as regulated or unregulated, the main difference lies in the oversight and compliance with legal and financial standards required by governmental or independent authorities. 

A regulated broker is licensed to operate within a specific jurisdiction or from a country with a mutual regulatory agreement. This ensures that a broker adheres to predefined rules, laws, and protection measures for traders and investors. 

By holding these licenses, traders are reassured that a recognized regulator monitors their broker’s activities, ensuring they follow fair trading practices and legal procedures.

A key aspect of regulated brokers is the protection of client funds. Regulators often require brokers to use segregated accounts, keeping clients’ money separate from operational funds to prevent misuse. This ensures traders can access their funds even if the broker faces financial difficulties. Additionally, regulated brokers must provide transparent reporting, ensuring financial statements and operations comply with industry standards.

Beyond fund protection, regulated brokers must follow strict pricing, trade execution, and conflict prevention rules. Market manipulation and deceptive practices are prohibited, ensuring that traders are treated fairly. Should any issues arise, traders can seek resolution through the regulator, offering them an added layer of security and peace of mind.

Taking trading to the next level with Exness

Exness has been at the forefront of innovation, leading the industry with better-than-market trading conditions. For over 15 years, the broker has provided clients with full transparency in terms of pricing and execution. 

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Furthermore, Exness offers a range of cutting-edge trading features and proprietary protections to give traders the strategic tools they deserve. Client data is always secure, with the company offering industry-leading security protocols so traders can focus on trading. Some of Exness’ key risk management features include:

• Negative Balance Protection

• Stop Out Protection

• Instant withdrawals*

• Fast order execution

• Segregated accounts

• Fee transparency

• Customizable leverage

A multi-regulated global broker

Exness’s multiple regulatory licenses support its status as a globally trusted broker. Founded in 2008, it has established a solid reputation within the online trading community as an innovative and reliable firm. 

It was the first brokerage of its kind to offer traders seamless withdrawals** and Stop Out Protection, while it continues to push the boundaries of what is possible in the world of trading to this day. Licensed and regulated by several of the world’s leading governing bodies, Exness is a leader in its field, as demonstrated by the licenses listed below:

• Seychelles Financial Services Authority (FSA)

• Cyprus Securities and Exchange Commission (CySEC)* 

• The UK Financial Conduct Authority (FCA)*

• South Africa Financial Sector Conduct Authority (FSCA)

• Central Bank of Curacao and Sint Maarten (CBCS)

• Financial Services Commission (FSC) in the British Virgin Islands

• Financial Services Commission (FSC) in Mauritius

• Capital Markets Authority (CMA) in Kenya

• Jordan Securities Commission (JSC)

By holding a wide range of trading licenses spanning various countries and continents, Exness complies with international financial laws and standards, providing a secure trading environment for all clients. 

As a forward-thinking broker, Exness constantly seeks new ways to better serve traders. Whether through better-than-market conditions, tight and stable spreads***, or high, custom leverage, Exness strives to give traders the strategic advantage they deserve.

Note: Exness (Cy) Ltd and Exness (UK) Ltd do not offer trading services to retail clients. At Exness, 98% of withdrawals are processed instantly (under 1 minute). Once funds leave Exness’ custody, processing times vary depending on the chosen payment provider. Spreads may fluctuate and widen due to factors including market volatility and liquidity, news releases, economic events, when markets open or close, and the type of instruments being traded.

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