The Nigerian Naira showed a slight improvement against the US Dollar in the official market, trading at ₦1,492.49 per dollar on Friday, February 28, 2025, compared to ₦1,499.07 the previous day. Despite this appreciation, the black market rate remains higher, with the dollar exchanging for as much as ₦1,507 per dollar.
The Central Bank of Nigeria (CBN) has maintained its policy of a unified foreign exchange market, allowing rates to be determined by market forces. This move is part of ongoing reforms aimed at stabilizing the Naira and improving liquidity in the forex market. However, the disparity between official and parallel market rates indicates persistent demand pressure in the economy.