No reprieve for naira yet, depreciates across official, black markets

There appears to be no reprieve yet for the Nigerian currency, the naira as it continued its depreciation against the American dollar across official and parallel foreign exchange markets on Wednesday, March 12, 2025.

According to the Central Bank of Nigeria, FX data showed that the naira weakened further to N1,543.91/$1 on Wednesday from N1,536.15/$1 it traded on Tuesday.

This indicates that the naira fell by N7.76 against the dollar on a day-to-day basis.

Wednesday’s depreciation marked the third consecutive time the naira has dropped against the dollar this week.

READ ALSO: NNPCL denies terminating naira-for-crude contract with Dangote Refinery

At the black market, the naira traded at N1,585/$1 losing N5 when compared to the N1,580/$1 the previous day.

Similarly, the naira lost N10 against the British Pound to trade at N2,020/£1 as against the previous day’s rate of N2,010\£1.

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

The naira slumped against the Euro to trade at ₦1,690/€1 as against the previous day’s rate of ₦1,665/€1 representing a loss of N35 for the local currency.

By: Babajide Okeowo

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