Naira weakens further to N1,606/$1 at official market after Easter break

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 The naira depreciated to N1,606.00/$1 on Tuesday, April 22, 2025, at the official foreign exchange market. This is according to data obtained from the Central Bank of Nigeria (CBN) website on Tuesday. This marks a marginal decline compared to N1,600.50/$1 recorded on Thursday, 17 April 2025, the last trading day before the Easter holidays. This represents a depreciation of N5.50 or 0.34% over the four-day holiday period, signaling continued pressure on the local currency amid liquidity concerns and sustained demand for dollars in the market.


Parallel Market Trends 

In the parallel market, also known as the black market, the naira also weakened slightly, trading at N1,615/$1 on Tuesday, compared to N1,610/$1 on Thursday before the break. This represents a depreciation of N5, based on market data compiled by Nairametrics.

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