Naira Strengthens at Official, Parallel Markets
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.
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.
