Naira falls further against Dollar at official market, records gains in parallel market

The Nigerian currency, the naira, continued its downward trend against the American dollar at the official foreign exchange window on Wednesday, March 26, 2025, reflecting ongoing volatility in the forex market.

According to data from the Central Bank of Nigeria (CBN), the naira depreciated to N1,537.62 per dollar, compared to the N1,532.39 per dollar recorded on Tuesday, March 25, 2025. This represents a daily loss of N5.23 against the greenback.

However, the local currency showed some signs of resilience in the parallel market. The naira appreciated by N10, trading at N1,560 per dollar, compared to the previous day’s rate of N1,570 per dollar in the black market.

READ ALSO: Naira strengthens against Dollar in parallel, official markets

In other currency movements, the naira recorded mixed performances: Against the British Pound (£1): The naira strengthened by N5, trading at N2,020 per pound, compared to the previous rate of N2,025 per pound.

Against the Euro (€1): The local currency also gained N10, exchanging at N1,690 per euro, an improvement from N1,700 per euro on Tuesday.

Against the Canadian Dollar (CA$1): The naira remained stable at N1,200 per Canadian dollar, showing no change from the previous day.

The continued fluctuations in the forex market underscore ongoing economic pressures, including demand for foreign currency, inflationary trends, and monetary policies set by the apex bank.

Market analysts suggest that while interventions by the CBN may stabilize the naira in the short term, long-term solutions require structural reforms to strengthen Nigeria’s foreign exchange reserves and boost investor confidence.