Naira-and-Dollars (2) (1).webp
The naira appreciated by ₦10 at the parallel market on Thursday, breaking a recent trend of steady depreciation. However, the official rate saw a slight decline, highlighting contrasting currency pressures in Nigeria’s dual forex markets.
  • Naira rose to ₦1,625/$1 at the black market, from ₦1,635 on Wednesday.
  • Official market rate dropped slightly to ₦1,599.33/$1, down ₦2.63 from the previous day.
  • The appreciation coincided with news of April inflation slowing to 23.7%.

Abubakar Alhasan, a BDC operator in Abuja, described the naira’s rise as “a small but welcome shift.” Traders are cautiously hopeful, while many Nigerians remain anxious about price stability and purchasing power.

Will the naira sustain this rebound, or is it a short-lived break in the pressure? All eyes remain on the Central Bank’s next move and broader economic reforms ahead.