Naira rebounds, gains ground on dollar

Naira Posts Modest Gain Against the Dollar at Official Market

The Nigerian naira recorded a slight appreciation against the US dollar at the official foreign exchange window on Thursday.

According to data from the Central Bank of Nigeria, the naira strengthened to ₦1,533.55 per dollar, improving from ₦1,534.52 recorded the previous day.

This reflects a modest day-on-day gain of ₦0.97, signaling a marginal uptick in the currency’s performance at the regulated FX market.

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Naira Strengthens Slightly at Official Market, Weakens Sharply in Parallel Market

The naira recorded a mild appreciation against the US dollar at the official foreign exchange market on Thursday, even as it weakened significantly in the parallel market.

Data from the Central Bank of Nigeria (CBN) showed that the local currency improved marginally to ₦1,533.55 per dollar, compared to ₦1,534.52 recorded on Wednesday—reflecting a day-on-day gain of ₦0.97.

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However, the trend was reversed at the black market, where the naira slid to ₦1,560 per dollar, down from ₦1,545 the day before. This ₦15 depreciation underscores persistent pressure in the parallel FX space.

A Bureau De Change operator in Wuse Zone, Abuja, Abubakar Hassan, attributed the weakening of the naira in the informal market to a spike in demand for foreign exchange on Thursday.

This comes after Wednesday’s movement, where the naira slipped for the first time in recent sessions at the official market but held steady in the black market.