Naira Sustains Gains, Sells at ₦1,565/$ in Parallel Market

The naira continued its upward trend on Monday, gaining ₦45 against the dollar in the parallel foreign exchange market.

As of Monday, February 10, 2025, the naira was trading at ₦1,558/$ (buy) and ₦1,565/$ (sell), though market conditions remained volatile.

A review of foreign exchange (FX) trading in the black market showed that the naira appreciated from ₦1,610/$ last week to ₦1,565/$, marking a notable improvement.

This strengthening of the naira comes amid ongoing reforms by the Central Bank of Nigeria (CBN), which recently announced new measures for the effective implementation of its FX code.