Business
Naira Appreciates Strongly Across Official and Black Markets After Eid-al-Adha Break
The naira recorded a strong appreciation against the dollar in both the official and parallel foreign exchange markets on Tuesday, as trading resumed after the Eid-al-Adha holidays.
According to data from the Central Bank of Nigeria, the official exchange rate strengthened to N1,540 per dollar on Tuesday, up from N1,553.12 recorded on Thursday, June 5, 2025. This reflects a gain of N13.12 for the local currency.
In the parallel market, the naira also appreciated, trading at N1,607 per dollar on Tuesday, compared to N1,610 before the holidays. A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed the improvement, stating, “We buy at N1,600 per dollar and sell at N1,607. This is an improvement from N1,610 before Sallah. However, we are uncertain of the future.”
The continued appreciation in both segments of the market follows a positive close last week, contributing to growing optimism around the naira’s short-term stability.
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