The naira experienced a notable appreciation against major foreign currencies in the parallel market, marking a positive shift from its previous downward trend and offering relief to businesses and traders.
The naira appreciated by 7.41% against the US dollar, improving from ₦1,620/$ to ₦1,540/$ during the month of February.
Also, the naira strengthened against the British pound and improved to N1,910/£ from N2,000/£, marking a 4.50% increase, while it appreciated against the euro by rising to N1,550/€, compared to N1,660/€, showing a 6.34% gain.
This uptrend marks the strongest level for the naira since the beginning of 2025, indicating a short-term recovery in the foreign exchange market.
In the weeks leading up to the end of February 2025, the Nigerian naira exhibited stability in the official exchange market, maintaining levels slightly above ₦1,500 per US dollar.
According to data from the Nigerian Autonomous Foreign Exchange Market the naira settled at N1,496/$1 in the official market at the end of February.
These figures indicate that the naira stabilized slightly above ₦1,500 per US dollar in the weeks leading up to the end of February 2025.
At the beginning of 2025, the Nigerian naira was trading above ₦1,600 per US dollar in the parallel market. However, in February, the currency strengthened, hitting a yearly low of N1,480/$ on February 26, before settling around N1,500/$ by month-end.
Starting at ₦1,665 per US dollar on January 1, 2025, the naira strengthened by approximately 9.91%, reaching a yearly low of ₦1,480/$ on February 26 before stabilizing around ₦1,500/$ by the end of February.
The naira exhibited similar strengthening trends against the British pound and the euro. Since the start of the year, the naira gained 10% against the pound and 9.6% against the euro. Notably, on February 27, the naira hit an all-time low of ₦1,900/£1 before rebounding.
