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The Nigerian Naira took a slight tumble on Thursday, February 27, 2025, slipping to N1,495 per dollar in the parallel market, down from N1,490 the previous day—a modest yet telling shift that underscores persistent pressures in the unofficial trading sphere.
This dip mirrors a similar softening in the official Nigerian Foreign Exchange Market (NFEM), where the currency also weakened to N1,496 per dollar, reflecting a broader struggle to hold steady against the greenback.
Fresh data from the Central Bank of Nigeria (CBN) paints a clearer picture: the indicative exchange rate climbed to N1,496 per dollar from N1,495 on Wednesday, signaling a subtle N1 slide. This incremental depreciation, while small, hints at lingering volatility as the CBN navigates a complex economic landscape shaped by fluctuating oil revenues and forex supply challenges—key drivers Nigeria watchers have flagged in recent weeks.
Read also: Naira Again Rises To ₦1,490/$ In Parallel Market
Notably, the gap between the parallel market and the NFEM tightened to a razor-thin N1 per dollar, a sharp contraction from the N9.8 margin seen just a day earlier. This convergence suggests a rare moment of alignment between the street-level “black market” and official channels, possibly fueled by the CBN’s ongoing efforts to stabilize the naira through enhanced liquidity measures. Sources tracking the market note that recent interventions—like increased dollar sales to Bureau De Change operators—may be nudging rates closer together, though analysts caution that sustained stability remains elusive.
With global oil prices hovering uncertainly and diaspora remittances—a lifeline for forex inflows—under scrutiny for consistency, the naira’s trajectory remains a hot topic. As Nigeria gears up for a busy economic quarter, all eyes are on whether the CBN can maintain this fragile balance or if wider disparities will resurface, testing the resilience of Africa’s largest economy.
