According to Abubakar Alhasan, a Bureau de Change (BDC) operator in Wuse Zone 4, Abuja, the naira fell to ₦1,628 per dollar on Friday, May 30, 2025, from its ₦1,623 rate on Thursday. Alhasan noted that BDC operators were buying dollars at ₦1,624 and selling between ₦1,628 and ₦1,630 due to a noticeable surge in demand. This translates to a ₦5 depreciation against the dollar in the parallel market within a single day.
A Week of Consistent Decline
This recent dip marks the fourth consecutive day of depreciation for the naira in the black market since Monday, May 26, 2025. In contrast, the naira remained stable in the official foreign exchange market on Friday, holding at ₦1,586.15, the same rate recorded the previous day.
However, a review of the entire week shows a broader weakening trend for the naira across both segments of the foreign exchange market. On a week-on-week basis, the naira depreciated by ₦13 in the parallel market and ₦5.17 in the official foreign exchange market. This indicates that despite periods of stability, the currency faced more downward pressure than upward movement throughout the trading week.
Future Outlook and Economic Projections
Looking ahead, the African Development Bank (AfDB), in its 2025 economic outlook, has projected that the naira, along with other currencies across the continent, could experience a further 6 percent slip in value during 2025. This forecast underscores the ongoing economic pressures and global market dynamics that continue to influence currency performance in Nigeria. The continuous monitoring of demand and supply in both official and parallel markets will be crucial in understanding the naira's trajectory in the coming weeks.