Naira Gains Against Dollar Across Markets on Dec 22

The naira strengthened against the U.S. dollar on Monday, December 22, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,480/$1 for buying and ₦1,490/$1 for selling, reflecting a ₦10 appreciation compared with the ₦1,500/$1 rate recorded on Friday.

At the official window, the naira also appreciated slightly, trading at ₦1,456/$1, up from ₦1,467/$1 recorded the previous trading day.

Analysts said the naira’s improvement may be attributed to better dollar availability, calmer market conditions, improved regulatory confidence, and seasonal demand patterns, rather than a single decisive factor.

However, they noted that movements across both markets still highlight persistent pressure within Nigeria’s foreign exchange environment, pointing to speculative trading and continued uncertainty surrounding the policy direction of the Central Bank of Nigeria (CBN).