Naira Declines at Official Market, Holds Steady in Black Market

The Naira weakened against the dollar as trading commenced for February at the official foreign exchange market, while remaining stable in the parallel market.

According to data from FMDQ, the Naira fell to N1,495.60 per dollar on Monday, a decline from N1,478.78 recorded last Friday. This represents a drop of N16.82 against the dollar in the official market.

In contrast, the black market saw no movement, with the exchange rate holding steady at N1,610 per dollar, the same as at the end of last week.

The currency’s decline at the official market follows a trend of persistent weakness against the dollar and other major currencies in recent weeks. However, the parallel market’s stability coincides with the Central Bank of Nigeria’s recent extension of its FX sales period to authorised Bureau De Change operators until May 30, 2025, a policy that may be supporting exchange rate consistency outside the official window.