The naira weakened against the dollar across foreign exchange markets at the start of the week, despite a decline in Nigeria’s inflation rate.
According to data from the Central Bank of Nigeria (CBN), the naira depreciated to N1,528.03 per dollar, down from N1,517.93 recorded last Friday. This represents a loss of N10.1 per dollar compared to the previous exchange rate.
In the parallel market, Bureau De Change (BDC) operators reported mixed movements. Abubakar Alhasan, a currency trader in Abuja’s Wuse Zone 4, stated that the naira slipped to N1,577 per dollar compared to N1,570 last week. However, another BDC operator noted a slight improvement, with the naira strengthening to N1,585 per dollar from N1,590.
The currency fluctuations come as Nigeria’s inflation rate declined to 23.18% in February 2025, down from 24.48% in January 2025, according to official data.
