The Naira made a strong showing on Thursday, posting its biggest single-day appreciation against the US dollar at the official foreign exchange market.

According to data from the Central Bank of Nigeria (CBN), the Naira closed at ₦1,514.87/$1, strengthening from ₦1,521.46/$1 recorded the previous day. This represents a gain of ₦6.59 on a day-to-day basis.

Thursday’s uptrend marks the highest appreciation of the currency in three days of trading this week and came just before the public holiday on Friday to mark Eid-ul-Mawlid, the celebration of the birth of Prophet Muhammad (PBUH).

However, the story was different in the parallel (black) market, where the Naira weakened slightly, falling to ₦1,539/$1 compared to ₦1,533/$1 traded on Wednesday.

This contrast shows that the Naira experienced mixed performance across both official and unofficial markets within the week under review.

Meanwhile, Nigeria’s external debt has continued to edge upward, climbing to $41.49 billion on Wednesday, up from $41.46 billion the day before, according to CBN figures.

The fluctuations in the Naira come amid ongoing debates about monetary policies, rising debt levels, and the government’s push to stabilize the economy.