Written by SpringNewsN Media Limited, March 7, 2025

The Nigerian currency, the naira, suffered another significant depreciation against major foreign currencies on Thursday, March 6, 2025.

At the official foreign exchange window, the naira traded at N1,512.30/$1, marking a decline of N11.5 from the previous day’s exchange rate of N1,500.80/$1.

The situation was even more severe in the parallel market, where the naira slumped to N1,580/$1, losing N55 from the previous day’s rate of N1,525/$1.

Against the British Pound, the naira also weakened, dropping by N25 to trade at N1,925/£1, compared to N1,900/£1 on the previous day.

Meanwhile, the Canadian Dollar remained stable at N1,200/CA$1, showing no movement from the previous rate.

Similarly, the naira lost ground against the Euro, trading at ₦1,620/€1, reflecting a N15 decline from the previous rate of ₦1,605/€1.

The continued depreciation of the naira in both the official and parallel markets underscores the ongoing pressure on Nigeria’s foreign exchange reserves and the impact of economic policies on currency stability.Written by SpringNewsN Media Limited, March 7, 2025

The Nigerian currency, the naira, suffered another significant depreciation against major foreign currencies on Thursday, March 6, 2025.

At the official foreign exchange window, the naira traded at N1,512.30/$1, marking a decline of N11.5 from the previous day’s exchange rate of N1,500.80/$1.

The situation was even more severe in the parallel market, where the naira slumped to N1,580/$1, losing N55 from the previous day’s rate of N1,525/$1.

Against the British Pound, the naira also weakened, dropping by N25 to trade at N1,925/£1, compared to N1,900/£1 on the previous day.

Meanwhile, the Canadian Dollar remained stable at N1,200/CA$1, showing no movement from the previous rate.

Similarly, the naira lost ground against the Euro, trading at ₦1,620/€1, reflecting a N15 decline from the previous rate of ₦1,605/€1.

The continued depreciation of the naira in both the official and parallel markets underscores the ongoing pressure on Nigeria’s foreign exchange reserves and the impact of economic policies on currency stability.