Naira Strengthens at Official, Parallel Markets

Dollar Against Naira

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‎The naira appreciated across both the official and parallel foreign exchange markets on Thursday.

‎A source at the Abuja black market told Economic Confidential that as of May 15, the naira was trading at ₦1,620 per dollar for buying and ₦1,625 for selling, representing a ₦5.33 gain from the previous day’s rate of ₦1,630.

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‎Similarly, the local currency continued its upward trajectory in the official foreign exchange (FX) market, closing at ₦1,596.70 to the U.S. dollar on Wednesday, following gains recorded after Monday’s trading session.

‎According to data published on the Central Bank of Nigeria’s website, the naira gained ₦3.33 against the dollar. The U.S. dollar was quoted at ₦1,600.43, marking a 0.4 percent appreciation compared to ₦1,606.15 on Friday at the Nigerian Foreign Exchange Market (NFEM).

‎The naira’s rise was supported by steady dollar inflows, with non-bank financial institutions and exporters accounting for 62.44 percent of total FX supply.

‎Despite the gains, the persistent disparity between official and parallel market rates highlights continued pressure on Nigeria’s foreign exchange system, driven by limited dollar availability and speculative demand.