The Naira experienced a notable appreciation of N60 against the US dollar in the parallel market over the past week.
A review of the exchange rate trends from February 17 to February 21, 2025, indicates that the Naira strengthened from N1,565 per dollar on February 14 to close at N1,505 in the black market.
This marked a strong performance for the currency before it slightly weakened to N1,505 per dollar by Friday.
However, reports reveal that the Naira depreciated further on Saturday, trading at N1,510 per dollar in the parallel market.
Meanwhile, in the official market, the Naira gained 7.9 against the dollar, closing at N1,500.7 on Friday, February 21, compared to N1,508.6 recorded on February 14, 2025, based on data from the Central Bank of Nigeria.
Amid these fluctuations, financial analyst Bismark Rewane, CEO of Financial Derivatives, noted on Friday that the Central Bank of Nigeria had expended nearly $8 billion in recent months to stabilize the Naira.
