The Nigerian Naira depreciates slightly against the US dollar in the foreign exchange market but gains considerably in the black market.
The Nigerian naira has again failed to gain against the US dollar in the official and black markets. It also had a mixed movement against other currencies.
According to data from the Nigerian Foreign Exchange Market (NFEM), which shows that the naira closed at N1600.5/$ on Friday, April 18, 2025. This is a slight depreciation from the N1599 that it was on Thursday.
It also slightly appreciated against the British pound, closing at N2,120.23/£1 in comparison to Thursday’s rate of N2,121.97/£1.
The Euro was not left out, as the Nigerian naira appreciated N1,817/€1 on Friday compared to Thursday’s rate of N1,818.17/€1.
Meanwhile, at the black market rates, the Nigerian naira also gained considerably against the US dollar, selling for N1610 on Friday, in comparison to Thursday’s rate of N1620. The Euro and pound also sell in the market at N1,785/€1 and N2,110/£1, respectively.
In December 2024, Afrinvest, an investment management holding company, predicted that the Nigerian naira will depreciate further to N1800/$ in 2025.
The Special Adviser to President Tinubu on Economic Affairs, Dr. Tope Fasua, has defended the value of the naira locally despite its depreciation against the dollar, stating that $1, or more than N1,500, can still purchase a dinner in Nigeria.
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