Naira Holds Steady at ₦1,490/$ in Black Market

Naira Against Dollar

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The naira maintained its strength on Monday in the parallel foreign exchange market, following its weekend rise against the dollar.

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A source at the Abuja black market told Economic Confidential that as of February 24, the naira was trading at ₦1,490/$ (buy) and ₦1,498/$ (sell), reflecting a notable recovery from the ₦1,525 level recorded at Wednesday’s close. However, market conditions remain volatile.

Compared to the ₦1,620/$ exchange rate at the beginning of the month, the naira has appreciated significantly, gaining ₦130 so far this month.