Business
Naira Continues Upward Trend Against Dollar
The Naira continued its upward trend in the parallel foreign exchange market, strengthening to N1,500 per dollar on Thursday from N1,505 on Wednesday.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed the development, stating that dollars were sold at a minimum rate of N1,500 on Thursday. This marks a N5 gain compared to the previous day’s exchange rate.
The appreciation comes amid a sustained positive trend for the Naira in the black market. At the official market, the Naira traded at N1,509.03 per dollar on Wednesday, compared to N1,507.2 on Tuesday, according to data from the Central Bank of Nigeria (CBN). The narrowing gap between the official and parallel market rates indicates a move toward exchange rate convergence.
Nigeria’s yet-to-be-signed N54.9 trillion 2025 budget is benchmarked at N1,500 per dollar. Meanwhile, the CBN’s Monetary Policy Committee has opted to pause interest rate hikes, a decision that could influence future movements in the foreign exchange market.