Naira gains N5 at official market, holds steady at parallel market

The naira extended its appreciation against the dollar at the official foreign exchange market on Thursday. Data from the Central Bank of Nigeria showed the currency strengthened to N1,338.59 per dollar, up from N1,343.59 per dollar on Wednesday.

This means the naira gained N5 against the dollar on a day-to-day basis. The development comes as the country’s foreign exchange reserves rose to $53.29 billion on Wednesday.

Official market update

At the official window, the naira has now appreciated for consecutive trading sessions. On Wednesday, the naira also strengthened against the dollar across the foreign exchange markets, according to CBN data.

The latest official rate of N1,338.59 per dollar reflects continued demand pressure easing in the market. Traders have attributed the trend to improved dollar liquidity and steady central bank interventions.

Black market remains flat

At the black market, the naira was unchanged at N1,407 per dollar on Thursday. That is the same rate recorded the previous day, showing a pause after earlier gains.

The parallel market premium over the official rate now stands at about N68 per dollar. Market observers say the gap has narrowed in recent weeks, a sign of greater convergence between the two windows.

Reserves and outlook

Foreign exchange reserves climbed to $53.29 billion on Wednesday, providing a buffer for the central bank as it manages currency stability. Higher reserves give policymakers more room to defend the naira and smooth volatility.

For Nigerian businesses, a firmer naira at the official market could reduce import costs over time and ease pressure on fuel and raw material prices. Consumers may also feel relief if the stability holds, though much depends on global oil prices and capital inflows.