The Naira depreciated in both the official and parallel markets following the close of trading on Monday, 3rd March 2025.
According to Data from the Central Bank of Nigeria (CBN) on the Nigerian Foreign Exchange Market (NFEM), the Naira lost N6.49, trading at N1,498.98 to the Dollar.
This reflects a 0.43 per cent decline from Friday, 28th February, when it closed at N1,492.49 to the Dollar.
In the parallel market, commonly referred to as the black market, the Naira now exchanges for N1,510 to the Dollar, representing a N15 loss compared to Friday’s rate of N1,495 to the Dollar.
This downturn follows a three-day appreciation recorded the previous week.
Despite this, the Naira has remained relatively stable against the US Dollar, thanks to the CBN’s reforms aimed at promoting transparency in the Foreign Exchange (FX) market.
Analysts continue to commend the CBN for the local currency’s steady progress since December 2024.
