Naira Edges Up Against Dollar as CBN Warns Against Abuse of Currency

|By Adejumo Adekunle

The naira extended its modest rally against the United States dollar on Thursday, strengthening slightly at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed the local currency closed at ₦1,534.52/$1, improving from ₦1,534.83/$1 on Wednesday. This marks a marginal 0.3 gain in day-to-day trading.

In the parallel market, the naira held steady at ₦1,565/$1, unchanged from the previous day’s rate.

The gains follow Wednesday’s broad appreciation across both the official and black-market segments, signaling a possible stabilisation trend in the forex market.

Meanwhile, the CBN has reiterated its warning to Nigerians to desist from spraying, hawking, mutilating, or counterfeiting the naira. The bank’s spokesperson, Hakama Sidi Ali, stressed that such acts undermine the integrity of the national currency and attract legal consequences.