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

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

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.