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

The Naira continued to strengthen against the dollar at the parallel foreign exchange market on Tuesday, February 18, 2025.

However, the Central Bank of Nigeria (CBN) has yet to update the official rates again, more than 16 hours after the market closed.

At the black market, the Naira gained N20 against the dollar to trade at N1, 545/$1 as against the N1,565/$1 it traded the previous day.

At the official market, the Central Bank of Nigeria only has the previous day’s rate of N1,508.58/$1 but yet to update FX data for Tuesday, February 18, 2025, on its website as of the time of filing this report at 8.40 am on Wednesday, February 19, 2025.

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The naira gained N25 against the British Pound to trade at N1,965/£1 as against the previous day’s rate of N1,980\£1.

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

The naira gained N10 against the Euro to trade at ₦1,600/€1 as against the previous day’s rate of ₦1,610/€1.

By: Babajide Okeowo

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