Naira Gains Strength In Parallel Market

The Naira has continued to appreciate against the Dollar in the parallel foreign exchange market, recording its biggest gain of the week on Thursday.

A currency trader in Wuse Zone, Abuja, confirmed that the Naira strengthened to ₦1,570 per dollar on Thursday, improving from the ₦1,590 rate recorded on Wednesday. This marks a ₦20 gain in just one day, the highest increase since trading began this week.

However, in the official market, the Naira slightly depreciated, falling to ₦1,500.65 per dollar on Thursday compared to ₦1,499.76 the previous day.

Overall, Thursday’s trading showed that the Naira appreciated by ₦20 in the black market but weakened by ₦0.89 in the official exchange. In recent days, the difference between the official and parallel market rates has been narrowing.

This development follows the Central Bank of Nigeria’s move to tighten regulations on Bureau de Change (BDC) operators. On Wednesday, the bank’s Trade and Exchange Department set a weekly limit of $25,000 for FX sales to BDCs, aiming to improve oversight in the market.

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