Naira Strengthens for Fourth Day Running, Beats Dollar Across Markets

In a significant boost for the Nigerian currency, the naira recorded a strong appreciation against the US dollar across both the official and parallel foreign exchange markets on Thursday, just ahead of the Eid al-Adha celebration set for Friday.

According to data from the Central Bank of Nigeria, the official exchange rate improved to N1,553.12 per dollar on Thursday, up from N1,565.46 on Wednesday. This marks a daily gain of N12.34, highlighting renewed momentum for the naira in the official FX market.

The parallel market also reflected a similar trend. The dollar exchanged for N1,590 on Thursday, down from N1,613 the previous day—an appreciation of N23. Bureau de Change operators confirmed the shift, with Abdulsalami Musa, a dealer in Wuse Zone 4, Abuja, stating, “We buy at N1,585 per dollar and sell at N1,590.”

This development marks the fourth consecutive day of gains for the naira in the official market, following Monday’s rate of N1,581.58. The sustained appreciation comes as a positive sign for the local currency amidst ongoing economic adjustments and ahead of a major festive period.