The Nigerian naira has demonstrated relative stability in the parallel market, trading at N1,570 per US dollar from Wednesday through Friday, February 14, 2025.
This follows a period of fluctuations in the foreign exchange market from Monday to Wednesday.
Market reports indicate that the naira closed at N1,570/$1 on Thursday, maintaining the same rate into Friday.
A Bureau De Change (BDC) operator in Wuse Zone 4, Abuja, confirmed to Nairametrics that movements in the exchange rate remained steady, signaling a possible temporary halt in depreciation.
Nairametrics had earlier reported that the naira depreciated to N1,570/$1 on Wednesday from N1,565/$1 on Tuesday, showing a slight weakening against the dollar before stabilizing.
Official Market Performance
On the official side, data from the Central Bank of Nigeria (CBN) reveals that the naira closed at N1,513.00/$1 on Wednesday and further depreciated to N1,515.00/$1 on Thursday, reflecting a marginal decline of N2 on a day-on-day basis.
As of Friday, CBN data shows that the naira currently trades at N1,506.87/$1 (buying) and N1,507.87/$1 (selling), indicating relative stability in the official market despite continued pressures.
Naira’s Performance Against Other Currencies
In addition to the US dollar, the naira’s exchange rate against major foreign currencies, such as the British pound and the euro, also showed varying trends in the parallel market over the past week:
| Date | Parallel Rate (GBP) | Parallel Rate (Euro) |
| 10-Feb-25 | 1,955.00 | 1,620.00 |
| 11-Feb-25 | 1,950.00 | 1,595.00 |
| 12-Feb-25 | 1,975.00 | 1,600.00 |
| 13-Feb-25 | 2,000.00 | 1,605.00 |
| 14-Feb-25 | 1,985.00 | 1,600.00 |
The pound experienced fluctuations, reaching N2,000 on February 13 before slightly declining to N1,985 on February 14. The euro maintained relative stability, trading between N1,595 and N1,620 over the week.
Market Outlook
While the naira appears to have stabilized at N1,570/$1 in the parallel market, analysts caution that market forces, including foreign exchange inflows, remittances, and policy interventions by the CBN, will continue to influence future movements.
Economic analysts also highlight the role of dollar supply from autonomous sources in sustaining the current trend.
The CBN’s recent interventions, including efforts to boost dollar liquidity and curb speculative activities, are expected to shape the naira’s trajectory in the coming weeks.
Market participants will continue to monitor developments closely as Nigeria navigates its ongoing foreign exchange challenges.
- The naira lost 70% of its value against the US dollar since authorities loosened foreign exchange controls in 2023.
- However, the Nigerian apex bank has enacted several forex interventions and policy measures to boost the naira’s value, such as strengthening rules for Bureau De Change operators and boosting dollar liquidity in the official market.
