Naira Strengthens for Second Day at Official Exchange Market

The Nigerian naira continued its upward trend at the official foreign exchange (FX) market on Tuesday, posting another day of gains against the U.S. dollar.

According to official data, the naira appreciated to ₦1,533.18 per dollar, improving from ₦1,534.21 recorded on Monday. This marks a ₦1.03 gain and the second straight day of appreciation in the official market—a sign of improving stability in the FX environment.

However, the story was different at the parallel (black) market, where the naira weakened slightly. The exchange rate fell to ₦1,545 per dollar, compared to ₦1,537 on Monday, showing a depreciation of ₦8.

This divergence between the official and black market rates highlights ongoing pressure in the FX market, even as the Central Bank’s recent efforts to stabilize the naira seem to be yielding modest results.

Earlier this week, the naira had also shown a mixed performance—strengthening officially while sliding in the black market. Financial analysts believe this trend may continue in the short term, especially if dollar supply remains limited outside the official window.

For everyday Nigerians and businesses, these shifts affect import costs, school fees abroad, and general financial planning. While gains in the official rate are encouraging, many still rely on the black market, where prices remain volatile.

The market will be watching closely in the coming days to see if the naira can maintain its momentum at the official level and possibly narrow the gap with the black market.