Naira strengthens against major currencies, bringing relief to businesses

• Published On: 01 March 2025 at 21:15

The naira rose significantly against major foreign currencies in the parallel market, signaling a positive shift from its previous downward trend and providing relief to businesses and traders.

In February, the naira gained 7.41% against the US dollar, rising from ₦1,620/$ to ₦1,540/$.

Also, the naira strengthened against the British pound, rising to N1,910/£ from N2,000/£, a 4.50% increase, while it appreciated against the euro, rising to N1,550/€ from N1,660/€, a 6.34% gain.

This uptrend represents the naira's strongest level since the beginning of 2025, indicating a short-term recovery in the foreign exchange market.

Towards the end of February 2025, the Nigerian naira remained stable in the official exchange market, hovering slightly above ₦1,500 per USD.

According to data from the Nigerian Autonomous Foreign Exchange Market, the naira closed at N1,496/$1 on the official market at the end of February.

The naira stabilized slightly above ₦1,500 per US dollar in the weeks before the end of February 2025.

In early 2025, the Nigerian naira was trading above ₦1,600 per US dollar in the parallel market. However, the currency strengthened in February, reaching a yearly low of N1,480/$ on February 26 and settling around N1,500/$ by the end of the month.

Starting at ₦1,665 per US dollar on January 1, 2025, the naira strengthened by 9.91%, reaching a yearly low of ₦1,480/$ on February 26 and stabilizing around ₦1,500/$ by the end of February.

The naira strengthened against both the British pound and the euro. Since the beginning of the year, the naira has risen 10% against the pound and 9.6% against the euro. On February 27, the naira reached an all-time low of ₦1,900/£1 before rebounding.