Naira Strengthens Further, Closes Gap with Official Rate

The Naira has extended its upward trend against the dollar in the parallel market, appreciating to N1,500 per dollar on Thursday from N1,505 recorded the previous day.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed to journalist that the minimum selling price for the dollar stood at N1,500 on Thursday, reflecting a N5 gain compared to Wednesday’s rate.

This sustained appreciation has also led to FX rate convergence, as the gap between the official and black market exchange rates continues to shrink. According to the Central Bank of Nigeria’s (CBN) official data, the Naira traded at N1,509.03 per dollar at the official window on Wednesday, slightly higher than N1,507.2 on Tuesday.

Nigeria’s N54.9 trillion 2025 budget, yet to receive presidential assent, was benchmarked at N1,500 per dollar, aligning with the prevailing rate in the parallel market.

Meanwhile, the CBN Monetary Policy Committee has opted to pause interest rate hikes, a move expected to stabilize the financial markets further.