The Naira saw a slight appreciation against the US dollar, with the official exchange rate settling at ₦1,492.49 per dollar on Friday, February 28, 2025. This marks an improvement from the ₦1,499.07 per dollar recorded the previous day, according to data from the Central Bank of Nigeria (CBN).
Despite the official rate strengthening, the black market continues to trade the dollar at higher rates. As of March 2, 2025, the exchange rate in the parallel market hovered around ₦1,505 to ₦1,510 per dollar, depending on location and transaction volume.
The CBN maintains that foreign exchange transactions should be conducted through official channels, emphasizing the risks of relying on black market rates. Analysts suggest that ongoing forex market reforms and economic policies will play a key role in determining future exchange rate trends.