Skip to content
Nigeria – The Nigerian Naira finished the week stronger against the US dollar. The currency recorded important gains Friday. These gains appeared in both the official and parallel foreign exchange markets, offering positive news for the Naira dollar rate.
Boost in Parallel Market
Activity in the parallel market showed a clear improvement. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, reported the closing rate. The naira traded at N1,595 per dollar Friday. This is better than the N1,610 per dollar rate seen Thursday. This marks a daily gain of N15 for the naira against the dollar in this market. This Naira appreciation provides some relief.
Official Rate Improves
The Central Bank of Nigeria (CBN) also released positive data. The official exchange rate improved to N1,599.54 per dollar Friday. This moved from N1,601.82 per dollar on Thursday. In the official market, Nigeria’s currency gained N2.28 against the dollar day-over-day. Find current Nigeria exchange rate details on the CBN’s platform.
Consistent Gains This Week
This positive movement didn’t begin on Friday. The Naira appreciates against dollar consistently over the past three days. This trend occurred in both foreign exchange markets. Following the Easter break, the naira began Tuesday at N1,610 (parallel) and N1,602.63 (official) per dollar. Tracking this Naira trend is important for understanding currency movements.
Kayode Ojo
