The Nigerian naira has appreciated significantly against the United States dollar in the parallel foreign‑exchange market. According to Abubakar Alhasan, a bureau de change operator in Abuja, the naira strengthened to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday—a gain of N30 in a single day. Alhasan said his bureau buys naira at N1,480 and sells at N1,490 because foreign‑exchange demand is lower. The last time the black‑market rate reached this level was in June 2024, marking a notable improvement after recent fluctuations.
In the official market, the naira also moved slightly, falling by N1.19 to N1,488.56 per dollar on Wednesday, according to Central Bank of Nigeria data. The gap between the official and parallel rates has narrowed to 1.44, indicating a convergence of exchange rates.
The appreciation in both markets follows the Central Bank of Nigeria’s 50‑basis‑point interest‑rate cut to 27 percent on Tuesday. This policy shift is expected to boost the economy, and the naira’s rise reflects the market’s positive response. The stronger black‑market rate suggests growing investor confidence and reduced pressure on foreign exchange, while the narrowing spread points toward the bank’s goal of exchange‑rate unification.
As the Nigerian economy evolves, the naira’s performance will remain a focal point. The recent appreciation is encouraging, but sustaining this momentum will require prudent economic management and policies that support growth and stability.
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