New Exchange Rate: Naira Rises as in All Markets as Dollar falls Amid Declining Reserves
For the first time in two years, the Nigerian currency, the naira held steady across all forex markets despite the decline in the nation’s reserves. Information from the Central Bank of Nigeria (CBN) indicated that the naira rose in value to N1,502 per dollar week-on-week, gaining 0.56% or N8.50 relative to N1,511 it closed the previous week at the Nigerian Foreign Exchange Market (NFEM).
The Nigerian currency maintained a steady stance against the dollar, strengthening by 0.56% last week The naira appreciated to N1,509 per dollar on Friday, 20, 2025, from N1,510 it traded the previous day.
On Friday, February 21, 2025, the naira traded at N1,491 per dollar, compared to N1,500 at NFEM. In the parallel segment of the foreign exchange market, the local currency rose by N45, appreciating 2.0% as buyers and sellers quoted the US dollar at N1,510 on Thursday, February 20 and Friday, February 21, 2025. Meanwhile, data from the CBN shows that Nigeria’s FX reserves depreciated to $38.73 billion as of February 20, 2025, indicating a loss of $360 million or 0.9% per week from $39.09 billion recorded on February 13, 2025.
