Business
Naira Records Strongest Single-Day Gain Against Dollar in Official, Parallel Markets
The naira on Monday posted its biggest one-day appreciation against the U.S. dollar, strengthening across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed the local currency closed at N1,526.09 per dollar, up from N1,531.57 recorded last Friday. This marks a gain of N5.48 in a single session — the sharpest margin in recent weeks, surpassing the N3.90 improvement seen the previous Friday.
In the parallel market, the naira also advanced, trading at N1,533 per dollar compared with N1,543 on Friday. A Bureau De Change operator in Abuja’s Wuse Zone 4, Abubakar Alhasan, attributed the rally to weaker demand for foreign currency.
“The appreciation is due to low demand of FX,” Alhasan told Daily Post.
The naira’s simultaneous gains in both markets highlight improved sentiment around the currency, although analysts note that sustained stability will depend on broader economic and policy factors.