The Nigerian naira experienced its first appreciation against the US dollar on Friday, March 14, 2025, breaking a week-long depreciation streak in the official foreign exchange market.
Key Details:
- Official Market: The naira strengthened to ₦1,550.36 per dollar on Friday, compared to ₦1,554.85 traded on Thursday. This represents a daily gain of ₦4.49.
- Parallel Market: In the black market, the naira remained stable at ₦1,590 per dollar, the same rate as the previous day.
- Weekly Performance: Despite Friday’s appreciation, the naira recorded an overall depreciation for the week, reflecting the challenges in Nigeria’s foreign exchange market.
This development offers a glimmer of hope for the naira’s stability amidst ongoing economic pressures.
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