“CBN Report: Naira Drops to N1,585/$ in Black Market, Widening Forex Gap
Written by SpringnewsNG Media Limited, March 13, 2025.
The Nigerian currency, the Naira, experienced a further decline yesterday, falling to N1,585 per dollar in the parallel market, down from N1,565 per dollar recorded on Tuesday. This downward trend was mirrored in the Nigerian Foreign Exchange Market (NFEM), where the Naira depreciated to N1,546 per dollar.
According to data published by the Central Bank of Nigeria (CBN), the indicative exchange rate for the Naira rose to N1,546 per dollar from N1,537 per dollar on Tuesday, marking a N9 depreciation.
As a result of this decline, the margin between the parallel market and the NFEM rate widened to N39 per dollar, compared to N37 per dollar the previous day.
This development has raised concerns among stakeholders in the foreign exchange market, as the continued depreciation of the Naira poses challenges for importers and businesses that rely on foreign exchange for their operations. Market analysts attribute the decline to a combination of factors, including limited dollar supply and increased demand for foreign currency.
Observers are closely monitoring the CBN’s policies and interventions to stabilize the Naira and bridge the gap between the official and parallel market rates.
