The Nigerian naira began the week on a depreciating trend against the US dollar across various foreign exchange markets, even as the country’s inflation rate showed signs of easing.
Key Details:
- Official Market: The naira weakened to ₦1,528.03 per dollar on Monday, March 17, 2025, compared to ₦1,517.93 per dollar traded on Friday last week. This represents a depreciation of ₦10.1.
- Parallel Market: In the black market, the naira traded at ₦1,585 per dollar, slightly appreciating from the previous rate of ₦1,590 per dollar.
- Inflation Context: Nigeria’s inflation rate dropped to 23.18% in February 2025, down from 24.48% in January 2025, according to the National Bureau of Statistics. This marks the second consecutive month of easing inflation.
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