The Naira appreciated by N60 against the dollar in the parallel foreign exchange market on a week-on-week basis.
Analysis of the exchange rate in the black market from 17th to 21st February 2025 revealed that the Naira gained N60, closing at N1,505 per dollar, up from N1,565 on 14th February 2025.
This indicates that the Naira experienced a robust performance in the parallel foreign exchange market before depreciating on Friday to N1,505 per dollar.
On Saturday, the Naira fell further to N1,510 per dollar in the parallel foreign exchange market.
In the official market, the Naira appreciated by N7.9 against the dollar, closing at N1,500.7 on Friday, 21st February, up from N1,508.6 traded on 14th February 2025, according to the Central Bank of Nigeria’s exchange rate data.
This development follows remarks from Bismark Rewane, the Chief Executive Officer of Financial Derivatives, who stated on Friday that the Central Bank of Nigeria has spent nearly $8 billion defending the Naira over the past few months.
