Naira Records Biggest Gain Against Dollar in Black Market

The Naira made significant gains against the Dollar in the parallel market on Thursday, marking its highest appreciation in a single day this week.

In Abuja’s Wuse Zone, Bureau de Change (BDC) operators confirmed that the Naira strengthened to N1,570 per dollar, improving from N1,590 traded the previous day. This N20 gain represents the strongest daily appreciation recorded in the current trading cycle.

However, in the official foreign exchange market, the Naira saw a slight decline, exchanging at N1,500.65 per dollar on Thursday, down from N1,499.76 on Wednesday. This resulted in a marginal loss of N0.89 at the official window.

Market observers have noted a steady narrowing of the gap between official and black-market exchange rates in recent days. This trend coincides with increased regulatory measures by the Central Bank of Nigeria (CBN). On Wednesday, the CBN tightened its oversight of BDC operators, placing a cap of $25,000 on their weekly foreign exchange purchases.