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Naira records massive depreciation against dollar weekly at official market

Published on March 22, 2025 at 07:33 AM

The Naira recorded a massive drop against the dollar at the official foreign exchange market from March 14 to 21, 2025.

Analysis of the Central Bank of Nigeria's exchange data showed that it lost N18.96 weekly.

This comes as the Naira depreciated to N1,536.89 against the dollar on Friday from N1,517.93 traded last week.

Meanwhile, at the black market, the Naira gained N10 in the week under review. The Naira closed at N1,580 per dollar on Friday, a gain from N1,590, its traded last week.

The data from both official and parallel foreign exchange markets showed that the Nigerian Naira has continued to fluctuate against other currencies.