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Naira Appreciates Against Dollar On Black Market, Depreciates on the Official Market
Posted by Thandiubani on Wed 19th Mar, 2025 - tori.ngMeanwhile, at the official market, the naira depreciated against the dollar.
The naira has appreciated against the dollar for the first time this week at the parallel foreign exchange market on Tuesday.
A Bureau de Change operator in Wuse Zone 4, Abuja, Idris Yunusa, confirmed that the naira appreciated to N1,580 against the dollar on Tuesday, up from N1,585 on Monday.
This means the naira gained N5 on Tuesday compared to the N1,585 per dollar traded the previous day.
Meanwhile, at the official market, the naira depreciated against the dollar.
The Central Bank of Nigeria’s official exchange data showed that it dropped to N1,532.93 on Tuesday from N1,528.03 on Monday.
This indicates that the naira depreciated by N4.90 per dollar on a day-to-day basis.
Recall that on Monday, the naira weakened against the dollar at the start of the week despite a drop in Nigeria’s inflation.
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