Naira Strengthens Against Dollar in Parallel Market

The naira recorded a notable gain against the US dollar in the parallel foreign exchange market on Monday, offering a positive start to the week. According to a Bureau de Change operator in Wuse Zone 4, Abuja, the naira appreciated to N1,590 per dollar, up from N1,600 traded on Friday. This represents a N10 improvement in value at the black market, where the majority of foreign currency transactions occur.

In contrast, the official market saw a slight depreciation of the naira. Data showed the exchange rate moved to N1,548.52 per dollar on Monday, compared to N1,547.36 recorded last Friday — a drop of N1.16.

Last week, the naira had appreciated in the official market while remaining flat in the black market. Monday’s shift suggests renewed volatility across both segments of the currency market.