Naira Strengthens Slightly at Official Market After Days of Decline

The Nigerian Naira recorded a slight appreciation against the US dollar at the official foreign exchange market on Wednesday, marking its first gain since Friday, March 14, 2025.

According to data from the Central Bank of Nigeria (CBN), the Naira strengthened to N1,530.52 per dollar—an improvement of N2.41 from the N1,532.93 recorded on Tuesday.

However, this gain contrasts with the parallel (black) market, where the Naira weakened by N5, closing at N1,585 per dollar on Wednesday, down from N1,580 the previous day.

The currency has continued to experience volatility across both the official and unofficial markets, reflecting ongoing pressure in Nigeria’s forex ecosystem.

On Tuesday, the Naira had shown a brief recovery in the black market, but analysts warn that such gains may be short-lived without broader structural reforms.

Meanwhile, in a statement released Wednesday, the Centre for the Promotion of Private Enterprise (CPPE) raised concerns over Dangote Refinery’s recent move to sell petroleum products in US dollars rather than in Naira. The CPPE cautioned that this shift could further strain the local currency by increasing dollar demand in the domestic market.