Victor Ezeja
The naira recorded the first major depreciation at the official foreign exchange market in 2025.
The local currency closed trading at N1,545 per dollar at the official market on Wednesday, 8th January.
Join our WhatsApp ChannelThis is the third consecutive time in 2025, according to Nigeria Foreign Exchange Market (NFEM) data published by the Central Bank of Nigeria (CBN).
This indicated that the naira dropped by N7 at the official market when compared with N1,538 it closed on Tuesday, 7th January.
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However, at the parallel market also known as black market, the naira gained N5, closing at N1,660 on Wednesday from N1,665, which was exchanged on Tuesday.
Prime Business Africa reports that the naira began trading on Monday on a negative note as it closed at N1,536 per dollar, a slight drop from N1,535 recorded at the end of the previous week.
However, the naira has remained stable at the black market at N1665 until Wednesday when the rate dropped to N1,660/$.
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.
