Taiwo Popoola
Again, the Nigerian naira has slumped massively against the dollar across parallel and official foreign exchange markets.
At the black market, the Naira depreciated to N1,580 per dollar on Thursday from N1,525 traded on Wednesday.
This means in a single day, the Naira lost N55 against the dollar compared to the N1,525 per dollar exchange rate on Wednesday.
A Bureau de Change operator at Olugbede Market in Lagos, Ibrahim Hakeem confirmed Thursday’s black market exchange rate to Urban Express News Online.
“The dollar is rising again. On Thursday night we bought between N1550 and N1560 and sold between N1575 and N1580. It seems we are returning to the N1600 per dollar mark again,” he said.
Similarly, at the official market, the Naira fell to N 1512.30 per dollar on Thursday from N1,500.80 exchange on Wednesday, according to the Central Bank of Nigeria’s exchange data.
This showed that the Naira weakened by N11.5 to the dollar compared to N1,500.80, the previous day.
Urban Express News Online reports that this is the second consecutive time the Naira is Depreciating Significantly against the dollar
Recall that in the past four days, the Naira has been experiencing a downward trend amid FX demand pressure.
The depreciation streak comes as Nigeria’s external reserves dropped to $34.34 billion as of 4th March 2025 from $34.41 billion on February 28, 2025, according to the CBN data.
