The Naira appreciated substantially against the dollar across the official and parallel foreign exchange markets on Thursday, ahead of the Eid al-Adha celebration on Friday.
The 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 in the official FX market, the Naira strengthened significantly by N12.34 per dollar on a day-to-day basis.
Similarly in the black market, the Naira appreciated massively by N23 to N1,590 per dollar on Thursday, from N1,613 recorded the previous day.
“We bought (dollar) at N1,585 and sold at N1,590 on Thursday,” a Bureau de Change operator in Wuse Zone 4, Abdulsalami Musa, reportedly said.
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.