The Nigerian currency, the naira, recorded its highest depreciation against the dollar on Friday at the official foreign exchange market for the first time since May 27, 2025.
Data from the Central Bank of Nigeria showed that the naira weakened to N1,549.35 against the dollar on Friday, down from N1,539.72 traded on Wednesday, prior to Nigeria’s Democracy Day holiday on Thursday.
This represents a significant decline of N9.63 on Friday compared to the N1,539.72 exchanged on June 11, 2025.
Meanwhile, Media Talk Africa confirmed from a Bureau De Change operator in Wuse Zone 4, Abuja, Alhasan Abubakar, that the naira appreciated slightly by N1 on the black market, trading at N1,606 per dollar, compared to N1,607 during the period under consideration.
This indicates that the naira ended the week with mixed sentiments—registering both loss and gain across the official and parallel markets—after experiencing weeks of appreciation.
The development coincided with a surge in crude oil prices, as Brent crude and West Texas Intermediate crude futures rose to $75.15 and $74 per barrel respectively, fuelling fears of an impending hike in the price of Premium Motor Spirit in Nigeria.
