Naira Appreciates to ₦1,515 Per Dollar in Parallel Market

By Diafa Doubra,

The naira recorded a significant appreciation on Tuesday, trading at ₦1,515 to the US dollar in the parallel market, up from previous lows.

Currency traders, popularly known as Bureau de Change operators, confirmed the new rate, attributing the improvement to increased dollar liquidity in the market and interventions by monetary authorities. They noted that demand pressure has slightly eased compared to previous weeks when the local currency faced a steep decline.

Economic analysts say the rebound could boost business confidence and reduce inflationary pressure if sustained. However, they caution that the government must back the naira’s recovery with consistent policies, including measures to stabilize foreign reserves and encourage foreign investments.

Despite the gain in the black market, the exchange rate at the official Investors’ and Exporters’ (I&E) window still trails behind, reflecting Nigeria’s persistent currency volatility.