The Naira experienced a slight dip against the dollar on Friday, marking the first drop in both the official and parallel foreign exchange markets in five days.
According to the Central Bank of Nigeria’s data, the official rate fell marginally from N1,500.5 on Thursday to N1,500.7 on Friday—a decrease of N0.2.
Week-on-week, the Naira depreciated by N8.1, as last Friday’s rate stood at N1,508.6. In the black market, the currency weakened to N1,505 on Friday, compared to the Thursday range of N1,500 to N1,503.
IDOMA VOICE reports that this Friday’s decline is the first in the week under review, following a period when the Naira had previously strengthened by N60 against the dollar, with the black market rate hitting N1,565 on February 14, 2025.
It is also worth noting that over the past five days, Nigeria’s inflation rate has dropped to 24.48 percent, while the Central Bank of Nigeria kept its interest rate steady at 27.50 percent.
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