The Naira continued its upward trajectory against the U.S. dollar in the parallel foreign exchange market, reflecting a sustained appreciation trend.
On Thursday, the local currency appreciated to N1,500 per dollar in the black market, improving from the N1,505 rate recorded on Wednesday.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, confirmed this development, stating, “Dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”
This marks a N5 gain for the Naira compared to Wednesday’s exchange rate.
Similarly, in the official market, the Naira traded at N1,509.03 per dollar on Wednesday, slightly up from N1,507.2 on Tuesday, according to data from the Central Bank of Nigeria.
The narrowing gap between exchange rates in different markets indicates a growing convergence in the FX market.
Notably, Nigeria’s 2025 budget, estimated at N54.9 trillion and awaiting presidential approval, is pegged at an exchange rate of N1,500 per dollar.
Meanwhile, the CBN’s Monetary Policy Committee has decided to maintain interest rates without further hikes.
