The Naira strengthened against the US dollar in the parallel market this past week, appreciating by N45 on a week-on-week basis.
Between Monday, February 3, and Friday, February 7, 2025, the Naira rose from N1,610 per dollar to N1,565, reflecting increased demand for the local currency. Despite this improvement in the black market, the Naira depreciated at the official exchange window, closing at N1,500.41 last Friday—down by N21.63 from the previous week’s rate of N1,478.78.
This fluctuation comes as the Central Bank of Nigeria (CBN) intensifies its economic reforms to stabilise the foreign exchange market. The apex bank has ramped up efforts to implement its new FX Code while extending foreign exchange sales to licensed Bureau de Change (BDC) operators.
These measures are part of the CBN’s broader strategy to ease pressure on the Naira and ensure a more stable exchange rate in both the official and parallel markets.
