Naira Strengthens Against Dollar at Black Market, No Official Update from CBN

• The Naira gained N5 against the dollar in the parallel market, trading at N1,565/$1, while the official rate remains unchanged

• The Naira also appreciated by N5 against the British Pound and Euro, indicating a positive trend in the parallel foreign exchange market

On Saturday, February 15, 2025, the naira continued to gain value against the dollar in the parallel foreign exchange market.

However, more than 16 hours after the market closed, the Central Bank of Nigeria (CBN) has yet to update official exchange rates.

At the black market, the Naira appreciated by N5 against the dollar, trading at N1,565/$1 compared to the previous day’s rate of N1,570/$1.

In the official market, the last available rate from the CBN was N1,507.88/$1. As of 8:31 AM on Saturday, February 15, 2025, no updated FX data for February 14, 2025, was available on the CBN’s website.

The Naira also gained N5 against the British Pound, trading at N1,980/£1, up from N1,985/£1 the previous day.

The exchange rate for the Canadian Dollar remained unchanged at N1,200/CA$1.

Similarly, the Naira appreciated by N5 against the Euro, trading at ₦1,610/€1 compared to the previous day’s rate of ₦1,615/€1.