For the first time in five days, the Naira experienced a modest depreciation against the dollar in both the official and parallel FX markets. Central Bank data revealed that on Friday the Naira slid from N1,500.5 on Thursday to N1,500.7—a marginal drop of N0.2. On a week-on-week basis, this represents an N8.1 decline, with Friday’s official rate at N1,508.6 compared to the previous Friday, February 14, 2025.
In the parallel market, the Naira similarly weakened, dropping to N1,505 on Friday from a Thursday range of N1,500 to N1,503. It should be noted that this Friday decline marks the first downturn of the week, following an earlier surge where the Naira strengthened by N60, reaching N1,565 against the dollar on February 14, 2025.
This development unfolds as Nigeria’s inflation recently eased to 24.48 percent, while the Central Bank maintained its interest rate at 27.50 percent.
