Naira Continues Depreciation Against Dollar, Records Highest Weekly Decline

• The Nigerian naira continued to depreciate against the US dollar at the foreign exchange market on Friday.

•  According to the Central Bank of Nigeria’s exchange rate data, the naira fell to N1,517.24 on Friday from N1,512.30 on Thursday.

•  The naira’s depreciation was also reflected in the black market, where it remained flat at N1,580 per dollar, after recording its highest fall from N1,525 earlier in the week.

The Nigerian naira continued its downward trend against the US dollar at the foreign exchange market on Friday, ending the week on a negative note.

According to the Central Bank of Nigeria’s exchange rate data, the naira fell to N1,517.24 on Friday from N1,512.30 exchanged on Thursday.

On a day-to-day basis, this showed that the naira dropped by N4.94 to the dollar compared to the N1,512.30 exchange rate on Thursday.

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READ ALSO: Naira Records First Depreciation Against Dollar on Black Market

Meanwhile, the black market naira remained flat at N1,580 per dollar, the same rate recorded on Thursday when it had the highest fall from N1,525 in the week under review.

The development comes as Nigeria’s external reserves declined by $1.31 billion, which stood at $38.42 billion on February 28th from $39.72 billion at the end of January 2025.

Naira Depreciates Further Against Dollar at Black Market

The Naira continued its downward trend against the dollar at the parallel foreign exchange market on Thursday, exchanging at N1500 per dollar.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira dropped by N10 from the previous day’s exchange rate of N1490 per dollar.

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