In the past week, the naira reversed some of the gains it had made in recent times as it depreciated against the United States dollar at both the parallel and official markets. At the close of trading in the past week, the naira weakened by 1.66 per cent week-on-week, closing at 1,517.24/$ from 1,492.49/$ the Read More
In the week of March 10th, 2025, the Nigerian Naira depreciated against the US dollar in both official and parallel markets. The official rate closed at 1,517.24/$, a 1.66% weekly decrease. The parallel market saw the Naira weaken to an average of 1,520/$, with some Bureau De Change operators reporting a close of 1,570/$. This reversal followed gains in February, and analysts attributed the depreciation to dollar liquidity issues, increased demand from foreign portfolio investors and local corporates, and profit-taking. The Central Bank of Nigeria's interventions are expected to be crucial in influencing future currency movements.
