Naira records first depreciation against dollar across FX markets

Naira records first depreciation against dollar across FX markets

The Naira dropped slightly against the dollar to end the week at both the official and parallel foreign exchange markets for the first time in the last five days.Central Bank of Nigeria exchange rate data showed that the Naira dropped to N1,500.7 against the dollar on Friday from N1,500.5 traded on Thursday.This showed that at the official market, the Naira fell by N0.2, a marginal drop against the dollar on Friday compared to N1,500.5 exchanged on Thursday.Similarly, on a week-on-week basis, the Naira lost N8.1 against the dollar when compared to N1,508.6 exchanged last week on Friday, February 14, 2025.At the black market, the Naira weakened slightly to N1,505 against the dollar on Friday from between N1500 and N1503 traded on Thursday.The development comes as the Naira strengthened by N60 against the dollar when compared with the N1565 exchange on February 14, 2025, at the black market.Recall that within the last five days, Nigeria’s inflation dropped to 24.48 percent, and the Central Bank of Nigeria retained the interest rate at 27.50 percent.

Source: Naira records first depreciation against dollar across FX markets

 - NigerianEye

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