Naira Strengthens to ₦1,590/$ in Parallel Market, Narrows Gap with Official Rate
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| Dollar to naira |
The naira appreciated in the parallel market on Thursday, trading at ₦1,590 per US dollar — a ₦20 gain from the ₦1,610/$ rate recorded on Wednesday.
This marks the third time Nigeria’s local currency has rebounded to the ₦1,500/$ range since February 2024, signaling renewed momentum in the unofficial market.
Meanwhile, in the official Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, closing at ₦1,554/$ — a ₦9 decline from Wednesday’s ₦1,545/$.
According to figures released by the Central Bank of Nigeria (CBN), the gap between the official and parallel market exchange rates has narrowed significantly to ₦36, down from ₦70 the previous day.
Analysts suggest that the improved sentiment in the parallel market reflects growing investor and public confidence in the naira, despite ongoing volatility in the official window.
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