The Naira depreciated by N6.49 in the official market on Monday, March 3, 2025, trading at N1,498.98 to the US Dollar. This represents a 0.43% decline compared to the previous week, when it closed at N1,492.49 on February 28.
The Central Bank of Nigeria (CBN) reported the loss, following a period of appreciation for the Naira the previous week.
Despite this dip, analysts have commended the CBN for the currency’s overall stability since December 2024, attributing it to the bank’s recent reforms aimed at promoting transparency in the Foreign Exchange (FX) market.
An industry insider remarked, “The Naira has remained relatively stable against the US Dollar due to CBN’s reforms, which continue to ensure more transparency in the market.”
Though the Naira lost ground on Monday, experts note that the currency’s recent performance has generally been stronger compared to the volatility observed in previous years.