The Naira experienced a significant depreciation against the US dollar at the official foreign exchange market between March 14 and March 21, 2025, losing ₦18.96 within the week.
According to data from the Central Bank of Nigeria (CBN), the Naira dropped to ₦1,536.89 per dollar on Friday, compared to ₦1,517.93 the previous week. This decline highlights the ongoing volatility in Nigeria’s foreign exchange market.
Black Market Records Marginal Gains
In contrast, the parallel market (black market) recorded a slight improvement, with the Naira appreciating by ₦10 within the same period. The currency closed at ₦1,580 per dollar on Friday, compared to ₦1,590 the previous week.
Naira Continues to Fluctuate Amid Forex Pressures
HEED: Follow us on Instagram or any other social media platform and get the most reliable news directly in your favorite app!
The disparity between the official and black market exchange rates underscores the persistent currency instability in Nigeria. Factors such as demand for foreign currency, forex reserves, and economic policies continue to influence the Naira’s performance.
For the latest updates on forex trends, economic policies, and financial news, stay connected with Naija Blog Daily.
NaijaBlogDaily# is visible on all social media platforms and we bring you the latest Nigerian news on politics and economy, entertainment, and celebrity updates including sports across Nigeria and beyond…
Keep visiting and following up with us on any social media platform you are using to keep you updated 💯
Remember (information brings knowledge and power).
STAY TUNED!!!
