As of February 26, 2025, the Nigerian Naira has experienced fluctuations in the foreign exchange markets. In the parallel market, the Naira depreciated to ₦1,502 per US dollar, down from ₦1,500 the previous day.
Conversely, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to ₦1,501.5 per dollar, improving from ₦1,504 on Monday.
This shift has narrowed the gap between the parallel market and NFEM rates to 50 kobo per dollar, a significant reduction from the previous day’s margin of ₦4 per dollar.
Analysts attribute the Naira’s appreciation in the official market to increased dollar supply and the Central Bank of Nigeria’s (CBN) interventions aimed at enhancing transparency and efficiency in the forex market.
Despite these gains, experts caution that the Naira’s stability remains uncertain, especially considering the CBN’s expenditure of approximately $8 billion in recent months to defend the currency.
