The naira depreciated by 2.5 percent against the dollar in the official foreign exchange (FX) market in March 2025, as external reserves closed the month flat.
According to data from the Central bank of Nigeria (CBN), the naira ended the month at N1,536.82 per dollar on Friday, the last trading day in March 2025, marking a loss of N37.84 compared to N1,498.98 quoted at the beginning of the month, at the Nigerian Foreign Exchange Market (NFEM).
Nigeria’s external reserves closed flat at $33.33 billion as of March 27, 2025 from $38.36 billion recorded at the beginning of the month on March 3, 2025, data from the CBN indicated.
The data revealed that the country recorded $1.91 billion direct remittance inflows in 2024, lower than $1.98 billion recorded in 2023, by 3.5 percent.
Debt payment rose to a four-year high of N4 65 billion at the end of 2024, reflecting the Federal Government’s continuous reliance on borrowing.
(Business Day)
