Naira Strengthens Against Dollar in Official, Parallel Markets

Nigeria’s naira appreciated against the US dollar across both official and parallel foreign exchange markets, closing the week on a positive trajectory.

According to data from the Central Bank of Nigeria, the naira strengthened to N1,536.82 per dollar on Friday, improving from N1,538.66 recorded the previous day. This reflects a daily gain of N1.84 in the official foreign exchange market.

The parallel market also saw the naira gain value, trading at N1,550 per dollar on Friday, marking a N10 appreciation from the N1,560 rate recorded on Thursday.

Earlier in the week, the naira had experienced fluctuations. On Thursday, it declined for the third consecutive time in the official market but remained stable in the black market. Despite this, the currency showed resilience by the end of the trading week.

On a week-on-week basis, the naira weakened by N7.47 at the official market compared to its opening rate of N1,531.19 on Monday. However, in the parallel market, it recorded a significant gain of N20 against the dollar over the week, reflecting improved market sentiment and increased demand for the local currency.