Naira Records First Depreciation Against Dollar Across FX Markets

• The Naira has recorded its first depreciation against the dollar across foreign exchange markets.

• According to Central Bank of Nigeria exchange rate data, the Naira dropped to N1,500.7 against the dollar on Friday.

• This drop marks the first decline in the Naira’s value against the dollar in the past five days.

The Naira has recorded its first depreciation against the dollar across foreign exchange markets, ending the week at both the official and parallel markets.

According to Central Bank of Nigeria exchange rate data, the Naira dropped to N1,500.7 against the dollar on Friday from N1,500.5 traded on Thursday.

This drop marks the first decline in the Naira’s value against the dollar in the past five days. On a week-on-week basis, the Naira lost N8.1 against the dollar when compared to N1,508.6 exchanged last week on Friday, February 14, 2025.

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At the black market, the Naira weakened slightly to N1,505 against the dollar on Friday from between N1500 and N1503 traded on Thursday.

This development comes as the Naira strengthened by N60 against the dollar when compared with the N1565 exchange on February 14, 2025, at the black market.

Naira Appreciates to N1,500 Per Dollar at Black Market

The Naira has continued its appreciation streak against the dollar at the parallel foreign exchange market.

According to a Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, “dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”

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