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Home Economy Finance

Naira Depreciates to N1,505/$1 as Pressure Builds on Forex Market

In the parallel market, the naira weakened further, reports LATIFAT FASHINA

by Techeconomy
March 6, 2025
in Finance
0
Hot money in Nigeria - Naira | official market
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The naira continued its downward trend on Wednesday, closing at N1,505 per dollar in the official foreign exchange market.

With pressure increasing on local currency, the decline is a slight depreciation from N1,502/$1 recorded on Tuesday, as liquidity challenges continue.

In the parallel market, the naira weakened further, trading at N1,515/$1, a 0.66% decline from N1,505/$1 the previous day.

The gap between official and unofficial exchange rates shows the extent of supply-demand imbalances.

Data from the Nigerian Foreign Exchange Market (NAFEM) also revealed a 0.13% drop in the weekly exchange rate, with the dollar now quoted at N1,500.80/$1, compared to N1,498.98/$1 earlier in the week.

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Intraday trading fluctuations saw the currency reaching a high of N1,505/$1 and a low of N1,497/$1 within the official window.

Currency movements against other foreign denominations were mixed. The naira lost 1.61% against the euro, slipping from ₦1,540/€1 on Tuesday to ₦1,570/€1. However, it recorded gains against the British pound, strengthening 1.58% to close at ₦1,860/£1, up from ₦1,890/£1.

The continued depreciation of the naira results from economic challenges, with analysts pointing to dollar shortages and speculative activities as drivers of market instability.

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