Again, Naira Strengthens Against Dollar Across Markets

The Naira posted fresh gains against the US dollar on Thursday, July 17, appreciating in both the official and parallel foreign exchange markets.

In the black market, currency dealers in Abuja told Economic Confidential that the naira was exchanged at ₦1,525/$1 for buying and ₦1,530/$1 for selling, an improvement from Wednesday’s closing rate of ₦1,538/$1, marking a ₦8.33 appreciation.

At the official Nigerian Foreign Exchange Market (NAFEM), the naira held relatively stable, closing at ₦1,529/$1 on Thursday, a marginal depreciation from Wednesday’s rate of ₦1,528/$1.

Despite this rebound, the widening gap between official and parallel rates continues to reflect underlying challenges in Nigeria’s forex landscape, including dollar scarcity, speculative trading, and ongoing uncertainty surrounding the Central Bank’s monetary policy reforms.

Analysts caution that without structural economic adjustments, the naira may remain under pressure despite recent policy measures aimed at restoring investor confidence and market stability.