In the parallel market, Nigerian Naira has shown a pattern of gaining compared to the US dollar. As of February 8, 2025, the Naira strengthened from ₦1,570 on Thursday to ₦1,565 per dollar at the end of business on Friday, according to a Bureau de Change operator in Wuse Zone 4, Abuja.
Compared to the previous day’s rate, this appreciation represents a gain of ₦5 against the dollar. According to the Central Bank of Nigeria, the Naira depreciated slightly from ₦1,499.98 on Thursday to close at ₦1,500.41 per dollar on Friday in the official foreign currency market.
The Naira has appreciated significantly over the last week, with Thursday seeing the biggest gains.
The Central Bank of Nigeria’s adoption of the FX Code and the expansion of FX sales to Bureau de Change operators, which have increased trust in the Naira, may be factors in this trend.
It’s crucial to remember that a number of economic factors can cause exchange rates to vary. As a result, it is recommended that people and companies involved in foreign exchange operations keep up with the latest exchange rates and market conditions.
