Naira Strengthens in Parallel Market, Trades at ₦1,530 /$

By Diafa Doubra,

The Naira recorded a boost in the parallel market on Thursday, appreciating to ₦1,530 per US dollar, compared to earlier rates in the week.

Currency traders in Lagos and Abuja confirmed the new rate, attributing the gain to improved dollar liquidity in the market. They noted that recent interventions by the Central Bank of Nigeria (CBN) and increased inflows from remittances contributed to easing pressure on the local currency.

While the appreciation has brought slight relief to businesses and individuals, analysts caution that the exchange rate remains highly volatile. They argue that without sustained dollar supply, the Naira may struggle to maintain its current position.

The CBN has reiterated its commitment to stabilizing the foreign exchange market and restoring investor confidence, stressing that ongoing reforms will gradually strengthen the Naira.