Victor EzejaAfter ending last week on a positive note, the Nigerian naira depreciated against the United States Dollar across official and parallel foreign exchange windows as the market opened this week.
The Central Bank of Nigeria’s foreign exchange data showed that the naira fell marginally against the dollar on Monday, 21 July 2025, to ₦1,532.54. This reflects N0.20 decline when compared to ₦1,532.34 traded last Friday.
Join our WhatsApp ChannelAlso, the naira depreciated on the black market to ₦1,540 per dollar on Monday, from ₦1,535 the previous week, representing ₦5 loss.
Prime Business Africa reports that this comes as the latest report revealed that Nigeria’s Gross Domestic Product (GDP) expanded by 3.13 per cent with the services and industrial sectors driving economic growth in the first quarter of 2025. The report also showed that the GDP, after rebasing exercise, hit ₦372.8 trillion by 2024.
The nation also awaits the decision of the Central Bank’s Monetary Policy Committee (MPC) on the benchmark interest rate. The 301st MPC meeting was scheduled for Monday, 21 and Tuesday, 22 July 2025 at the CBN headquarters, Abuja. The committee is expected to either cut or retain the current 27.5 per cent interest rate, considered to be high as the monetary authorities strive to bring down the inflation rate, which is still elevated.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
