Naira weakens at official market, gains in black market

The Nigerian Naira recorded a significant drop against the US dollar at the official foreign exchange market between March 14 and 21, 2025, losing N18.96 in one week.

According to data from the Central Bank of Nigeria (CBN), the Naira depreciated to N1,536.89 per dollar on Friday, down from N1,517.93 traded the previous week.

Black market sees slight Naira rebound

In contrast, the Naira strengthened in the parallel (black) market, appreciating by N10 within the same period. The local currency closed at N1,580 per dollar on Friday, up from N1,590 recorded the previous week.

The latest exchange rate trends highlight the persistent fluctuations in Nigeria’s forex market, with the Naira experiencing mixed performances across different trading platforms.

Experts have attributed the volatility to factors such as foreign exchange supply constraints, inflationary pressures, and speculative activities in the market.