Nigeria’s naira ended the week on a negative note in the parallel foreign exchange market, slipping further to N1,628 per dollar and continuing its streak of depreciation.
Speaking to journalists in Wuse Zone 4, Abuja, Bureau de Change dealer Abubakar Alhasan disclosed that the naira weakened further on Friday, sliding to N1,628 per dollar from the N1,623 it exchanged for on Thursday.
“We buy at N1,624 per dollar and sell between N1,628 and N1,630 per dollar due to a surge in demand,” he told DAILY POST on Friday.
This reflects a daily depreciation of N5 in the black market, marking the fourth straight decline since Monday, May 26, 2025.
However, the official foreign exchange window remained stable on Friday, with the naira holding firm at N1,586.15 per dollar, the same rate posted on Thursday.
Over the course of the week, the naira recorded more losses than gains across trading platforms.
It depreciated by N13 in the parallel market and N5.17 at the official market when compared week-on-week.
Adding to the outlook, the African Development Bank, in its 2025 economic forecast, projected a 6 percent depreciation for the naira and several other African currencies within the year.
