Naira Gains Against Dollar in Official, Black Markets

‎The naira appreciated by ₦3.32 against the US dollar in the parallel market on Thursday.

‎A source at the Abuja black market told Economic Confidential that as of May 22, the naira traded at ₦1,610/$1 for buying and ₦1,615/$1 for selling, an improvement from the previous day’s rate of ₦1,618/$1.

‎At the official foreign exchange market, the naira also strengthened to ₦1,583/$1 on Wednesday, up from ₦1,588.5/$1 on Tuesday, according to data from the Central Bank of Nigeria (CBN).

‎This marks the third consecutive day of gains for the local currency, which opened the week at ₦1,597/$1 on Monday.

‎Intra-day trading showed a high of ₦1,590/$1 and a low of ₦1,582.5/$1, with an average rate of ₦1,584.25/$1.