Naira appreciates massively against dollar across official, black markets

The naira appreciated massively against the dollar across the official and parallel foreign exchange markets on Thursday, ahead of the Eid al-Adha celebration on Friday.

Central Bank of Nigeria exchange rate data indicated that it gained to N1,553.12 against the dollar on Thursday, from N1,565.46 exchanged on Wednesday. This means that at the official FX market, the naira strengthened significantly by N12.34 per dollar on a day-to-day basis.

Similarly, at the black market, the naira appreciated massively by N23 to N1,590 per dollar on Thursday, from N1,613 recorded the previous day.

“We buy at 1585 per dollar and sell at N1590 on Thursday,” a Bureau de Change operator in Wuse Zone 4, Abdulsalami Musa.

DAILY POST reports that this is the fourth consecutive time the naira is appreciating against the dollar at the official exchange market, from N1,581.58 traded on Monday, June 2, 2025.