Nigerian Naira Appreciates Further Against Dollar at Black Market

The Nigerian Naira continued to gain momentum against the US dollar on Friday, with a notable appreciation in the parallel foreign exchange market. According to Abubakar Alhasan, a Bureau de Change operator in Abuja, the Naira strengthened to ₦1,565 per dollar, representing a ₦5 gain compared to the previous day’s rate of ₦1,570.

In contrast, the official foreign exchange market saw the Naira slightly weaken to ₦1,500.41 per dollar, down from ₦1,499.98 on Thursday, as per data from the Central Bank of Nigeria (CBN).

The gap between the official and parallel market rates has narrowed to ₦64.59, indicating a more aligned exchange rate. This upward trend is attributed to the CBN’s new FX Code and its policy extending foreign exchange sales to Bureau de Change operators.

Over the past five days, the Naira has shown significant appreciation, with Thursday’s gain being the most notable. This positive trend suggests a strengthening Nigerian currency .