Despite inflation drop, Naira depreciates across FX markets

The naira depreciated against the dollar across foreign exchange markets to begin the week despite a drop in Nigeria’s inflation.

COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory

The Central Bank of Nigeria’s foreign exchange data showed that the Naira fell to N 1,528.03 per dollar from N 1,517.93 exchanged on Friday last week.

COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory

This means that the Naira dropped by N10.1 per dollar when compared to the exchange rate recorded at the close of last week.

COMMENCEMENT OF ENFORCEMENT ACTIONS ON DEFAULTERS OF GROUND RENT PAYMENTS, LAND USE CONVERSION FEE, C-OF-O BILLS In The Federal Capital Territory

Similarly, a Bureau De Change operator in Wuse Zone 4 in Abuja, Abubakar Alhasan, said the Naira weakened to N1,577 per dollar from N1,570 traded last week.

However, another BDC operator said the Naira strengthened to N1,585 per dollar from N1,590.

This comes amid Nigeria’s inflation figure, which showed that the nation’s inflation dropped to 23.18 percent in February 2025 compared to 24.48 percent in January 2025.