Naira trails Dollar as exchange rates fluctuate across markets

 The Nigerian currency, the naira, continued its volatile trend, closing only N5 apart against the American dollar at both the official and parallel markets on Friday, February 28, 2025.

At the official foreign exchange window, the naira weakened to N1,500/$1, reflecting a N4 depreciation from N1,496/$1 recorded the previous day.

In the black market, the naira also lost value, trading at N1,505/$1, a N5 decline from the N1,500/$1 rate of the prior session.

Naira Strengthens Against the Pound, Holds Steady Against Other Currencies

The British Pound saw a notable shift, with the naira gaining N20, trading at N1,880/£1 compared to N1,900/£1 the day before.

The Canadian Dollar remained stable at N1,200/CA$1, showing no change in valuation.

READ ALSO: Naira strengthens against major currencies amid market adjustments

The Euro also maintained its position, with the naira trading at ₦1,550/€1, unchanged from the previous day’s rate.

Analysts attribute the naira’s fluctuations to continued demand pressures, foreign exchange liquidity constraints, and ongoing interventions by the Central Bank of Nigeria (CBN).

Market participants will be closely watching for any policy adjustments or external economic factors that may impact the exchange rate dynamics in the coming days.

As foreign exchange trends remain unpredictable, businesses and investors are advised to stay updated on official and parallel market rates for better financial planning.