Naira Strengthens Slightly Against Dollar in Black Market

The Nigerian Naira recorded a slight appreciation against the U.S. dollar in the parallel market on Wednesday, marking its first gain since the beginning of the week.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed that the Naira traded at N1,575 per dollar, an improvement from N1,580 recorded on Tuesday. This represents a marginal gain of N5 against the dollar in the black market. He also noted that despite the appreciation, the supply of dollars remains relatively low, with buying and selling rates at N1,565 and N1,570 per dollar, respectively.

However, while the Naira strengthened slightly in the parallel market, it continued to decline in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira fell to N1,504.30 per dollar on Wednesday, compared to N1,503.07 on Tuesday, marking a depreciation of N1.23 within 24 hours.

The local currency has faced consistent pressure across forex markets this week, with fluctuations driven by limited dollar supply and economic uncertainties.