Business
Naira Gains Momentum, Hits Highest Appreciation in Recent Days
Nigeria’s naira has recorded its highest appreciation against the U.S. dollar in recent days, exceeding expectations in the parallel foreign exchange market. On Tuesday, the currency strengthened to N1,515 per dollar, marking a gain of N25 from Monday’s exchange rate of N1,540.
A Bureau de Change operator in Abuja’s Wuse Zone 4 confirmed the surge, noting that Tuesday’s appreciation surpassed last week’s N15 gain. This upward trend signals a potential recovery in the foreign exchange market.
While the Central Bank of Nigeria has yet to release official data for Tuesday, the naira closed at N1,508.58 per dollar in the official foreign exchange market on Monday. The appreciation coincides with a reported decline in Nigeria’s inflation rate to 24.48% in January 2025, following the rebase of the country’s Consumer Price Index.
Aminu Gwadebe, National President of the Association of Bureau de Change Operators, linked the naira’s recent gains to an increase in interbank proceeds directed toward Bureau de Change operators.