Naira hits new lows against Dollar, Euro as currency woes persist

The Nigerian currency, the naira, suffered another setback on Wednesday, March 5, 2025, as it weakened against the United States dollar in both the official and parallel markets.

At the official exchange window, the naira depreciated to N1,500.80 per dollar, marking a loss of N9.13 compared to N1,491.67/$1 recorded the previous day.

The depreciation was even more pronounced in the black market, where the naira slid further to N1,525/$1, a significant drop of N15 from the N1,510/$1 rate of the preceding day.

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Meanwhile, the local currency maintained stability against the British pound, trading at N1,900/£1, unchanged from the previous day’s rate. Similarly, the exchange rate for the Canadian dollar remained fixed at N1,200/CA$1.

However, the naira took a sharp plunge against the euro, falling to ₦1,605/€1, a dramatic loss of N35 compared to the previous day’s rate of ₦1,570/€1.

The latest decline in the naira’s value highlights ongoing concerns over Nigeria’s foreign exchange market, with pressures mounting from dwindling dollar inflows, inflation, and policy uncertainties.

 Financial analysts warn that unless decisive measures are taken to stabilize the forex market, the naira may continue its downward trajectory in the coming weeks.