Nigeria’s currency, the naira, recorded depreciation against the dollar at the parallel foreign exchange market to end the week on a negative note.
Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed to DAILY POST that the naira dropped to N1,628 per dollar on Friday from N1,623 traded on Thursday.
“We buy at N1,624 per dollar and sell between N1,628 and N1,630 per dollar due to a surge in demand,” he told DAILY POST on Friday.
This means that the naira dropped by N5 against the dollar on a day-to-day basis at the parallel foreign exchange market.
At the black market, this is the fourth consecutive depreciation since Monday, 26th 2025.
Meanwhile, the naira remained flat at the official foreign exchange market on Friday at N1,586.15, the same rate recorded the previous day.
DAILY POST reports that in the week under review, the naira recorded more depreciation than appreciation across foreign exchange markets. This showed that the naira weakened by N13 and N5.17 against the dollar at parallel and official foreign exchange markets, respectively, on a week-on-week basis.
The African Development Bank, in its 2025 economic outlook, forecast that the naira and other currencies on the continent would slip by 6 percent in 2025.
