The Naira appreciated by N45 against the dollar in the parallel foreign exchange market on a week-on-week basis.
An analysis of FX trading at the black market from Monday, February 3, 2025, to Friday, February 7, showed that the Naira strengthened by N40, rising to N1,565 per dollar from N1,610. This indicates that the local currency gained value against the dollar and other foreign currencies in the FX black market during the period under review.
However, while the Nigerian currency recorded gains in the parallel market, it depreciated at the official market.
At the official exchange window, the Naira weakened by N21.63, closing at N1,500.41 last Friday, compared to N1,478.78 the previous weekend.
This development comes as the Central Bank of Nigeria (CBN) continues its economic reforms.
During the week, the apex bank intensified efforts to implement its newly introduced FX Code. Additionally, the CBN extended FX sales to authorised Bureau de Change operators as part of its broader strategy to stabilise the market.
