Slight Decline in Naira’s Official Rate as Parallel Market Stays Unchanged
Written by Agboola Oluwafemi on May 23, 2025
The latest foreign exchange data released by the Central Bank of Nigeria indicates a marginal depreciation of the Naira against the United States Dollar. On Thursday, the official exchange rate slipped to ₦1,584.95 per dollar, compared to ₦1,584.49 recorded the previous day—reflecting a day-on-day decline of 46 kobo.
In contrast, activity within the parallel market demonstrated relative stability. The Naira was exchanged at ₦1,625 to the dollar on Thursday, mirroring the rate observed on Wednesday.
Speaking from the Wuse Zone 4 area in Abuja, a Bureau de Change operator, Abubakar Alhasan, confirmed the consistency in the parallel market rate. “We buy at ₦1,615 per dollar and sell at ₦1,625,” he stated.
These developments come amidst ongoing efforts by the Central Bank Governor, Mr. Olayemi Cardoso, to uphold exchange rate stability. Despite these initiatives, fluctuations in the Naira’s value continue to characterize both the official and parallel segments of the market.
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Author: Agboola Oluwafemi
Marketing Expert
