Naira Gains N30 in One Day, Strongest Black Market Performance Since June 2024

The naira recorded its strongest performance in 15 months on Wednesday, gaining sharply against the United States dollar in the parallel market.

Currency dealers in Abuja confirmed that the exchange rate improved to N1,490 per dollar, up from N1,520 on Tuesday, reflecting a day-to-day appreciation of N30. A Bureau De Change operator, Abubakar Alhasan, said the shift was driven by reduced demand for foreign exchange, noting that dollars were bought at N1,480 and sold at N1,490. The last time the naira traded at this level in the black market was June 2024.

In contrast, the official market saw a slight depreciation, as the naira closed at N1,488.56 per dollar compared to N1,487.37 on Tuesday, according to Central Bank of Nigeria data. This has narrowed the gap between official and parallel market rates to just 1.44.

The currency’s rally follows Tuesday’s decision by the Central Bank to cut interest rates by 50 basis points to 27 per cent, a move that analysts say boosted confidence across both markets.