Naira Gains Ground Against Dollar in Parallel, Official Markets

The naira appreciated against the US dollar on Wednesday across both the black market and the official foreign exchange market, reversing losses recorded earlier in the week.

According to Bureau de Change operator Abubakar Alhasan in Wuse Zone 4, Abuja, the naira traded at N1,615 per dollar on Wednesday, an improvement from N1,620 on Tuesday. This represents a gain of N5 in the parallel market.

At the official market, the naira saw a slight appreciation, strengthening to N1,602.30 per dollar on Wednesday from N1,602.63 the previous day. This marks a modest gain of 33 kobo.

Wednesday’s movement undid the naira’s earlier depreciation and brought a sense of relief to currency watchers. However, foreign exchange volatility remains a pressing concern.

Speaking on Tuesday, Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, highlighted the impact of unstable exchange rates on trade and customs valuation. He disclosed that in the first quarter of 2025 alone, the exchange rate changed 62 times, ranging from N1,477.72 to N1,569.53 per dollar, with an average rate of N1,521.59.

The recent gain in the naira may offer a brief respite, but ongoing volatility continues to challenge Nigeria’s trade and economic stability.