Naira Slides to ₦1,538/$ in Parallel Market

The Nigerian naira weakened further in the parallel market, trading at ₦1,538 per US dollar on Friday, September 12, 2025, up from ₦1,535/$ recorded on Thursday, September 11.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also declined slightly, moving to ₦1,503.5/$ from ₦1,503/$ the previous day, reflecting a 50 kobo depreciation. Despite this, the official market recorded a weekly gain of ₦9.5, while the parallel market lost ₦8, opening the week at ₦1,530/$.

The Central Bank of Nigeria (CBN) has been actively intervening in the forex market to stabilize the naira. Earlier this year, the CBN sold dollars to retail exchange bureaux at ₦1,450/$ to narrow the exchange rate gap between the official and parallel markets.

Analysts attribute the recent depreciation to increased demand for foreign currency, declining oil revenues, and global economic uncertainties. They note that CBN interventions remain crucial to managing these pressures and maintaining stability in both the official and parallel markets.