Naira Records Sharpest Decline in Weeks at Official Market
Wafricnews - June 14, 2025
Nigeria’s currency, the naira, suffered its steepest dip in weeks at the official exchange window, breaking a streak of relative stability as global oil markets heat up.
Nigeria’s currency, the naira, suffered its steepest dip in weeks at the official exchange window, breaking a streak of relative stability as global oil markets heat up.
According to fresh data from the Central Bank of Nigeria (CBN), the naira on Friday depreciated to ₦1,549.35 per dollar, a sharp fall from the ₦1,539.72 recorded on Wednesday, June 11—just before the Democracy Day holiday. This marks a ₦9.63 drop, the most significant since May 27, 2025.
But the story on the streets tells a different tale.
Alhassan Abubakar, a licensed Bureau De Change operator in Wuse Zone 4, Abuja, confirmed that the naira gained ₦1 on the parallel market, improving from ₦1,607 to ₦1,606 per dollar.
This contrast paints a picture of uncertain footing for Nigeria’s currency, as it continues to wrestle between market forces, government interventions, and public perception.
The mixed performance comes at a time when global oil prices are climbing once again. Brent crude closed at $75.15 per barrel, while West Texas Intermediate (WTI) ticked up to $74. Analysts are warning that these price hikes could trigger yet another increase in the cost of Premium Motor Spirit (PMS), also known as petrol, in the Nigerian market.
With inflation concerns still lingering and fuel price volatility looming, the pressure on the naira may only intensify in the coming days.
By Wafricnews Desk.
By Wafricnews Desk.
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