Nigerian currency strengthens against US Dollar, seeing its first appreciation in weeks

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The Nigerian naira has appreciated against the US dollar, recording its first gain this week across both official and parallel foreign exchange markets. As of Thursday, the naira traded at ₦1,534.79 per dollar, a marginal gain of ₦0.83 from ₦1,535.62 on Wednesday. In the black market, the naira appreciated by N5 to N1,535 per dollar from N1,540 traded in the past days.

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This appreciation marks the first recorded gain in both markets since July 18, 2025. The naira had consistently depreciated in the official market from Monday to Wednesday while remaining flat in the black market. Analysts attribute the recent appreciation to improved liquidity, Central Bank of Nigeria interventions, and increased dollar supply in the market.

The Central Bank of Nigeria’s efforts to stabilise the currency have contributed to the appreciation. The bank’s introduction of the Electronic Foreign Exchange Matching System (EFEMS) has enhanced transparency in the forex market, boosting price discovery and market efficiency. Additionally, increased diaspora remittances during festive seasons have boosted FX market liquidity, easing pressure on the naira.

While the outlook for the naira remains uncertain, analysts predict stability in the short term, with the currency likely trading within the range of N1,515-N1,535 per dollar. However, sustained gains will depend on broader macroeconomic stability, increased forex inflows, and continued reform efforts by monetary authorities.

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