The Nigerian Naira has experienced a notable depreciation, falling to N1,629 per US dollar in the Nigerian Foreign Exchange Market.
This represents a decline of N29 from the N1,600 per dollar rate recorded on the previous Friday, according to data released by the Central Bank of Nigeria.
In the parallel market, commonly referred to as the black market, the Naira also depreciated, trading at N1,570 per dollar compared to N1,565 per dollar over the weekend. This shift has widened the gap between the official NFEM rate and the parallel market rate to N59 per dollar, up from N35 per dollar the previous weekend.
The Naira’s depreciation is part of an ongoing trend influenced by various economic factors. Earlier in April 2025, the Naira was reported to have depreciated to N1,600 per dollar in the official market after maintaining a rate around N1,500 per dollar for approximately three months.
Similarly, in March 2025, the Naira weakened to N1,570 per dollar in the parallel market, down from N1,545 per dollar the previous weekend.
