The Naira appreciated against the U.S. dollar at the official foreign exchange market on Friday, closing the week on a positive note. According to data from the Central Bank of Nigeria (CBN), the Naira strengthened to N1,492.49 per dollar on Friday, compared to N1,499.07 recorded on Thursday. This reflects an appreciation of N6.58 per dollar within a day.
However, in the parallel (black) market, the Naira continued to weaken. A Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, Abubakar Alhasan, reported that the Naira depreciated to N1,505 per dollar on Friday, down from N1,500 on Wednesday.
Throughout the week, the Naira experienced fluctuations, with both gains and losses across different FX markets.
On a week-on-week basis, the Naira appreciated by N8.24 in the official market, rising from N1,500.07 per dollar recorded on Friday, February 21, 2025. Meanwhile, the black market rate remained unchanged over the same period.
