Naira Gains Ground at ₦1,560/$ in Black Market as Exchange Rate Gap Narrows

The Nigerian Naira showed a slight improvement in the parallel (black) market on Friday, appreciating to ₦1,560 per dollar, up from ₦1,565 the day before. This modest gain marks a positive shift for traders and consumers who rely on the informal market for foreign exchange.

Meanwhile, in the Nigerian Foreign Exchange Market (NFEM), the Naira also strengthened slightly, closing at ₦1,534 per dollar. However, data from the Central Bank of Nigeria (CBN) showed a marginal dip in the official rate, which moved from ₦1,534 to ₦1,535.5, reflecting a small depreciation of ₦1.5.

Despite the CBN rate edging up slightly, the gap between the parallel and NFEM markets narrowed to ₦24.5, down from ₦31 the previous day — a sign that pressures between the two markets may be easing, at least temporarily.

Over the course of the week, the parallel market saw a total depreciation of ₦30, wiping out the modest 50 kobo gain recorded last week. On the other hand, the official market has remained relatively stable, with no major shifts in the exchange rate.

For now, this mild appreciation of the naira offers a brief relief, though market watchers continue to monitor how sustained government policies and forex inflows will impact long-term stability.