The Nigerian naira recorded a significant appreciation against the US dollar across both the official and parallel markets on Thursday, just ahead of the Eid al-Adha holiday.
According to data from the Central Bank of Nigeria (CBN), the naira strengthened at the official foreign exchange window, trading at ₦1,553.12/$1 on Thursday, up from ₦1,565.46/$1 on Wednesday — a gain of ₦12.34 in a single day.
The local currency also saw a major boost in the black market. Currency traders at Wuse Zone 4 in Abuja confirmed that the dollar was being bought at ₦1,585 and sold at ₦1,590 on Thursday, compared to ₦1,613 on Wednesday — marking a sharp appreciation of ₦23.
Abdulsalami Musa, a Bureau de Change (BDC) operator, said.
“We buy at ₦1,585 per dollar and sell at ₦1,590 on Thursday.”
This marks the fourth consecutive day the naira has appreciated in the official market, showing a positive trend from ₦1,581.58/$1 on Monday, June 2, 2025.
The naira’s improved performance is being attributed to reduced demand pressures ahead of the Sallah holiday and sustained interventions by the CBN in the FX market.