Naira appreciates by N60 against dollar at black market

The Naira appreciated by N60 against the dollar at the parallel foreign exchange market on a week-on-week basis.

Analysis of the exchange rate in the black market from 17th to 21st February, 2025, showed that the Naira gained N60 to close at N1,505 per dollar from the N1,565 exchange on February 14, 2025, in the black market.

This showed that the naira had an impressive run at the parallel foreign exchange before it depreciated on Friday to N1505 per dollar.

Media Talk Africa reports that the Naira fell on Saturday to N1510 per dollar at the parallel foreign exchange.

At the official market, the Naira gained 7.9 against the dollar to close at N1500.7 on Friday, 21 February, from N1,508.6, traded on 14 February, 2025, according to the Central Bank of Nigeria exchange rate data.

The development comes as Bismark Rewane, the Chief Executive Officer of Financial Derivatives, on Friday, said the Central Bank of Nigeria has spent almost $8 billion in defending the Naira in the last few months.