Naira converges against dollar at both official, black markets, trades at N1500/$1

In a dramatic development, the Nigerian currency, the naira, converged against the American dollar at both the official and black markets on Friday, February 21, 2025 trading at N1,500/$1.

At the official window, figures released by the Central Bank of Nigeria (CBN) show that the naira closed trading on Friday, February 21, 2025, at N1,500/$1.

The same rate goes for the black market as the naira gained N10 to trade at N1,500/$1 as against the previous day’s rate of N1510/$1.

Over the last couple of days, the naira has been appreciating against the dollar at both the official and parallel market with this convergence eliminating any difference between both rates.

READ ALSO: Naira strengthens against dollar at black market, no official rates from CBN yet

The naira lost N10 against the British Pound to trade at N1,960/£1 as against the previous day’s rate of N1,950\£1.

The Canadian Dollar also lost N50 to trade at N1,200/CA$1, as against the previous day’s rate of N1,150/CA$1.

The naira gained N5 against the Euro to trade at ₦1,590/€1 as against the previous day’s rate of ₦1,595/€1.

By: Babajide Okeowo

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