Naira Gains Ground Against Dollar in Official Market

The naira showed signs of recovery on Thursday, appreciating against the US dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira strengthened to N1,586.15 per dollar, improving from N1,590.74 the previous day. This marks a gain of N4.59 on a day-to-day basis.

However, the naira experienced a slight dip in the parallel market, where it traded at N1,623 per dollar, compared to N1,620 on Wednesday—indicating a N3 loss.

This development follows Wednesday’s broader depreciation of the naira across various foreign exchange platforms.

President Bola Tinubu, in his address commemorating his second year in office on May 29, reaffirmed his administration’s commitment to economic stability, stating, “We have stabilised our economy.”

Despite this optimism, some economic experts remain cautious. Bismark Rewane, CEO of Financial Derivatives, pointed to persistent challenges such as elevated inflation and rising national debt as areas that still require significant improvement under the current administration.