Naira-and-Dollars (2) (1).webp
The naira opened the new week stronger at ₦1,610/$1 in the parallel market, gaining ₦20 from Friday’s ₦1,630. It also appreciated against the pound and euro, supported by rising investor confidence and Moody’s recent upgrade of Nigeria’s credit rating.
  • ₦1,610/$1 in the black market on Monday, up from ₦1,630 on Friday
  • ₦2,175/£1 and ₦1,810/€1, both improving from previous rates
  • Official market still trading, but last week saw a stable range: ₦1,579–₦1,592/$1
  • May ended mixed: naira gained 1.28% officially, dipped 1.24% in parallel
  • Moody’s upgraded Nigeria’s credit rating from Caa1 to B3 last week
After weeks of sliding, the naira is starting June on a much-needed rebound. While the black market remains volatile, the currency’s performance suggests lower FX pressure. Analysts point to improved external reserves, investor sentiment, and tighter inflation control as key factors behind the rally. Still, many warn that sustained gains depend on ongoing reforms.

It’s a win—for now. But without lasting structural changes and a firm grip on FX flows, the naira’s good start to June could be short-lived.