The Nigerian naira appreciated to N1,485 per dollar in the black market on February 25, 2025, marking a N15 gain from the previous day’s rate of N1,500.

This improvement is attributed to enhanced dollar liquidity and effective foreign exchange policies. In the official Nigerian Foreign Exchange Market (NFEM), the naira also strengthened, with the dollar quoted at N1,497.11, compared to the prior close of N1,500.73, as reported by the FMDQ Securities Exchange Limited.

The exchange rate gap between the official and parallel markets has now narrowed to N12 per dollar. The Central Bank of Nigeria (CBN) has implemented various foreign exchange policies leading to this convergence, achieving alignment between official and parallel-market rates for the first time in nearly two years. CBN Governor Olayemi Cardoso emphasized the bank’s commitment to boosting liquidity and maintaining transparency in forex operations.

Source: Bussiness Day