Business
Naira Strengthens Against Dollar Across Official, Black Markets
The Nigerian naira continued its upward trend on Thursday, gaining ground against the U.S. dollar in both the official and parallel (black) foreign exchange markets.
According to data from the Central Bank of Nigeria (CBN), the naira appreciated slightly at the official window, closing at ₦1,525.83 per dollar compared to ₦1,526.15 recorded the previous day. This marks a modest daily gain of ₦0.32.
This is the fourth consecutive day the naira has strengthened against the dollar in the official market, reflecting a steady positive movement in the local currency’s performance.
In the parallel market, the naira also recorded a notable gain, appreciating by ₦10. It traded at ₦1,560 per dollar on Thursday, up from ₦1,570 the day before.
The continued appreciation across both markets suggests growing confidence in the naira amid ongoing efforts by financial authorities to stabilize the currency.