The exchange rate between the naira and the US dollar showed signs of stability mid-week, trading at N1,605/$1 in the parallel market on Wednesday, February 5, 2025.
This comes after a brief fluctuation in the foreign exchange (FX) market earlier in the week.According to data obtained by Nairametrics, the naira traded at N1,605/$1 (selling) and N1,602/$1 (buying) on Monday, February 3, 2025. However, on Tuesday, February 4, 2025, the local currency depreciated slightly to N1,610/$1 before appreciating again to N1,605/$1 by Wednesday.
This week’s performance indicates an improvement compared to the previous week, where the naira traded at weaker levels.Between Monday and Wednesday last week, the exchange rate stood at N1,660/$1 (Monday), N1,650/$1 (Tuesday), and N1,635/$1 (Wednesday) in the parallel market, suggesting that the currency has gained some strength over the past few days.
Performance in the Official Market In the official market, the naira maintained stability, closing at N1,499/$1 on both Monday and Tuesday, according to data from the Central Bank of Nigeria (CBN).This reflects steadiness in the regulated FX market, with no significant fluctuations observed.For comparison, in the official market last week, the naira traded at N1,533.50/$1 on Monday, N1,520/$1 on Tuesday, and N1,506/$1 on Wednesday.
Naira’s Performance Against Other Currencies Beyond the US dollar, the naira also experienced fluctuations against other major currencies such as the British pound (GBP) and the euro (EUR). Below is the exchange rate movement from Monday to Wednesday
Nairametrics
