Naira Appreciates Against Dollar in Official and Parallel Markets

The naira recorded a modest gain against the United States dollar on Tuesday, strengthening in both the official and parallel foreign exchange markets.
At the parallel market, commonly known as the black market, the naira appreciated to ₦1,475 per dollar, improving from ₦1,480 per dollar exchanged on Monday, according to market operators.
Similarly, the local currency also posted gains at the official market. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira appreciated to ₦1,452 per dollar, reflecting increased stability and improved liquidity in the formal foreign exchange window.
Market analysts attribute the marginal appreciation to improved dollar supply, cautious optimism among investors, and ongoing monetary reforms by the Central Bank of Nigeria aimed at stabilising the foreign exchange market.
Despite the gains, experts note that sustained appreciation will depend on consistent forex inflows, increased export earnings, and strengthened investor confidence in Nigeria’s economy.