Naira Gains N5 Against Dollar in Black Market, Trades at N1,490/$1
By SpringsNewsNG | February 27, 2025
The Nigerian naira strengthened against the US dollar in the black market on Wednesday, February 26, 2025, trading at N1,490/$1, an improvement from the previous day’s rate of N1,495/$1. This represents a N5 gain for the local currency.
However, the Central Bank of Nigeria (CBN) has yet to release the official exchange rate for the day.
Meanwhile, the naira remained unchanged against the British Pound, maintaining its value at N1,900/£1. Similarly, the Canadian Dollar held steady at N1,200/CA$1.
Against the Euro, the naira recorded a N10 appreciation, trading at ₦1,540/€1, compared to the previous day’s rate of ₦1,550/€1.
Market analysts attribute the naira’s recent gains to increased foreign exchange inflows and tighter monetary policies aimed at stabilizing the currency. However, the uncertainty in the official market keeps traders on edge as they await CBN’s latest figures.
