The Naira experienced a slight decline against the US dollar at both the official and parallel foreign exchange markets on Friday, marking its first drop in five days.
According to exchange rate data from the Central Bank of Nigeria (CBN), the Naira depreciated to ₦1,500.7 per dollar on Friday, down from ₦1,500.5 recorded on Thursday. This reflects a marginal drop of ₦0.2 in the official market.
On a weekly basis, the Naira weakened by ₦8.1 against the dollar compared to the ₦1,508.6 exchange rate recorded on Friday, 14 February 2025.
Similarly, in the black market, the Naira slipped to ₦1,505 per dollar on Friday, slightly lower than the ₦1,500–₦1,503 range observed on Thursday. This marks the first depreciation in the review period.
Despite this recent dip, the Naira has gained ₦60 against the dollar since 14 February 2025, when it exchanged at ₦1,565 in the parallel market.
The development coincides with Nigeria’s inflation rate easing to 24.48 per cent and the CBN maintaining its benchmark interest rate at 27.50 per cent over the past five days.
