The Nigerian Naira experienced a decline of N6.27 on the Nigeria Foreign Exchange Market (NFEM) as of the end of trading on Friday, exchanging at N1,536.89 per dollar in the official market. This decline follows a previous trading day where the Naira was traded at N1,530.62.
Thank you for reading this post, don't forget to subscribe!In contrast, the parallel market, also known as the black market, has remained relatively stable, with no significant fluctuations observed in recent days. Traders in Lagos and Abuja reported selling the currency at N1,580 per dollar, while in Enugu, rates were slightly lower at N1,570 per dollar, according to Bureau de Change operators.
Economists attribute the stability in the parallel market to a decrease in demand for the Naira and various control measures implemented by the Central Bank of Nigeria (CBN). The CBN’s oversight of traders’ activities has contributed to the relative stability in the parallel market.
It’s worth noting that the Naira has experienced fluctuations in value over the past year, with the US Dollar currently stronger than the Nigerian Naira. As of March 22, 2025, 1 USD is equal to 1,536.50 NGN.