“Naira Falls to N1,570/$ in Parallel Market as Official Rate Strengthens to N1,528/$”
By Springnewsng Media Limited – March 11, 2025
The Naira weakened further in the parallel market, dropping to N1,570 per dollar from N1,545/$ recorded last weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency showed signs of recovery, appreciating to N1,528 per dollar, according to data from the Central Bank of Nigeria (CBN).
CBN figures revealed that the indicative exchange rate for the Naira improved from N1,542/$ last weekend to N1,528/$, reflecting a N14 gain against the U.S. dollar.
As a result, the gap between the parallel market and the official NFEM rate widened significantly to N42 per dollar, compared to just N3 per dollar last Friday.
This widening exchange rate gap highlights ongoing volatility in the forex market as demand pressures persist.
