Naira Rebounds at Official Market, Gains N2.05 Against Dollar

|By Adejumo Adekunle-

-Naira Strengthens at Official Window After Three Days of Decline
–Currency Holds Steady in Black Market Amid Gradual Recovery

The naira appreciated against the United States dollar on Friday, June 21, breaking a three-day losing streak at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) revealed that the naira closed at ₦1,547.36/$1, improving from the ₦1,549.41/$1 rate recorded the previous day — a gain of ₦2.05.

This marks a positive turn for the local currency, which had suffered consecutive losses earlier in the week. Analysts say the appreciation may signal cautious optimism around ongoing forex reforms and improving liquidity.

In the parallel (black) market, however, the naira maintained a stable position. It traded at ₦1,600/$1, unchanged from Thursday’s closing rate.

A Bureau De Change operator, Abubakar Alhasan, who trades at Wuse Zone 4 in Abuja, confirmed the trend.

“We buy a dollar at ₦1,590 and sell at ₦1,600 on Friday,” he told DAILY POST.

A week-on-week comparison shows that the naira strengthened by ₦2.73 at the official market and ₦6 at the black market, signaling a marginal recovery across both channels.

Traders and market watchers are closely monitoring the foreign exchange trend, hoping for continued stability and a narrowing gap between official and parallel rates as monetary authorities push forward with fiscal tightening measures.