Naira depreciates to N1,585 per dollar

The year 2025 records another decline in the Naira as yesterday naira depreciated to N1,585 per dollar in the parallel market from N1,565 per dollar on Tuesday. Similarly, the Naira depreciated to N1,546 per dollar in the Nigerian Foreign Exchange Market (NFEM).

According to data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,546 per dollar from N1,537 per dollar on Tuesday, indicating N9 depreciation for the naira. Consequently, the margin between the parallel market and NFEM rate widened to N39 per dollar from N37 per dollar on Tuesday.

This is happening following the approval of the tax reform bills by the house of Representatives.