“Naira Falls to N1,585/$ in Parallel Market, Gains to N1,533/$ in Official Trade”
Written by SpringNewsNG March 25,2025
The Nigerian naira faced mixed fortunes in the foreign exchange markets as it depreciated to N1,585 per dollar in the parallel market while appreciating to N1,533 per dollar in the Nigerian Foreign Exchange Market (NFEM).
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira improved to N1,533 per dollar from N1,538 per dollar last Friday, reflecting a modest N5 appreciation in the official market.
Despite this improvement, the widening gap between the official and parallel market rates remains a concern. The difference between the two rates increased to N52 per dollar from N42 per dollar recorded over the previous weekend.
The continued depreciation of the naira in the parallel market suggests lingering foreign exchange supply challenges, while the marginal appreciation in the NFEM indicates efforts by the CBN to stabilize the official exchange rate. Market analysts believe that sustained interventions and policy measures will be required to bridge the gap between both markets and ensure exchange rate stability in the long run.
