Naira depreciates at official window, appreciates marginally at black market

The Nigerian currency, the naira depreciated against the American dollar at the official window on Monday, March 17, 2025.

According to the Central Bank of Nigeria, FX data showed that the naira depreciated to N1,528.03/$1 on Monday from N1,517.93/$1 it traded on Friday last week.

This indicates that the naira depreciated by N10.1 against the dollar on a day-to-day basis.

On the black market, the naira traded at N1,585/$1 as against the N1,590/$1 the previous day. This represents a gain of N5 for the local currency.

READ ALSO: Naira continues to slump against dollar at black market, no official rates from CBN

The naira depreciated against the British Pound to trade at N2,050/£1 as against the previous day’s rate of N2,020\£1 representing a loss of N30 for the naira.

The Canadian Dollar still held steady at N1,200/CA$1.

The naira also lost against the Euro to trade at ₦1,700/€1 as against the previous day’s rate of ₦1,690/€1. This signals a loss of N10 for the local currency.

By: Babajide Okeowo

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