Naira Slips at Official Market, Holds Steady in Parallel Market as CBN Extends FX Sales

The Naira lost ground against the dollar at the official foreign exchange market on the first trading day of February, while maintaining stability in the parallel market.

According to FMDQ data, the local currency depreciated to N1,495.60 per dollar on Monday, down from N1,478.78/$1 recorded last Friday. This reflects a N16.82 loss at the official window within a single trading session.

In contrast, the black market exchange rate remained unchanged at N1,610/$1 on Monday, mirroring last week’s closing figure.

The Naira’s extended decline at the official market follows a continued weak performance against the dollar and other foreign currencies in recent weeks.

Meanwhile, the Central Bank of Nigeria (CBN) has extended the foreign exchange sales window for licensed Bureau De Change (BDC) operators until May 30, 2025. Analysts suggest this policy continuity could be a key factor behind the currency’s stability in the parallel market.