Nigerian currency has strengthened against the U.S. dollar in the parallel market, also known as the black market.
Information obtained from street traders showed the dollar on Monday, February 17, sold at an N1,550 exchange rate.
The new exchange rate is a huge improvement from the N1,665 rate at the start of the month in the black market. This indicates a gain of N115 for the naira in February 2025.
Abudulahii, a trader, told TimesNow.com.ng:
Another trader, who gave his name as Musa, added:
It is a similar story for the dollar at the official market, as the Nigerian currency strengthened by 1.8% between January and February 2025.
The latest data from the Central Bank of Nigeria (CBN) showed that as of Friday, the naira gained N27.50, and the dollar traded at N1,511, down from N1,538.50 at the start of the month at the Nigerian Foreign Exchange Market (NFEM).
On a day-on-day basis, the local currency closed flat at N1,512 on Monday, compared to N1,511 on Friday and N1,515 on Thursday at NFEM.
Dealers quoted the highest rate at N1,515 on Monday, slightly below N1,520 on Friday. The lowest rate recorded was N1,504 on Monday, compared to N1,500 on Friday and N1,501 on Thursday.
Amid the naira’s gain, Nigeria’s external reserves have continued to decline as the CBN looks to clear all forex debts.
Data obtained from the apex bank revealed that foreign reserves dropped to $39.09 billion as of February 13, 2025, from $40.88 billion at the beginning of the year.
With Nigeria’s oil production rising, it is expected that the current level of reserves will improve, giving the CBN more firepower to defend the naira’s value.
TimesNow.com.ng reported that the Central Bank of Nigeria has revised the Customs exchange rate for clearing goods at the nation’s ports and airports.
The latest data reveals that the new rate represents a slight increase from the previous one.
The import duty exchange rate aligns with the naira’s performance in the official foreign exchange market.
Source: TimesNow.com.ng
