Naira Sees Weekly Gains, Closes at N1,505 Per Dollar

The Naira recorded a significant appreciation of N60 against the dollar in the parallel foreign exchange market over the past week.

An analysis of exchange rate trends from February 17 to 21, 2025, revealed that the Naira strengthened to N1,505 per dollar, improving from N1,565 per dollar recorded on February 14. However, after an initial strong performance, the Naira depreciated slightly on Friday, closing at N1,505 per dollar.

By Saturday, the currency weakened further to N1,510 per dollar in the black market, marking a minor reversal of its gains earlier in the week. Meanwhile, at the official exchange rate market, the Naira gained 7.9 points against the dollar, closing at N1,500.7 per dollar on Friday, February 21, up from N1,508.6 per dollar on February 14, according to data from the Central Bank of Nigeria (CBN).

This fluctuation in the currency market coincides with recent comments from Bismark Rewane, the Chief Executive Officer of Financial Derivatives. He revealed on Friday that the CBN has spent nearly $8 billion in recent months in efforts to stabilize the Naira.