Naira Gains for Fourth Day at Official Window as Black Market Rate Rises to N1,390

The naira appreciated against the dollar for the fourth consecutive day at the official foreign exchange market on Thursday. Central Bank of Nigeria data showed the naira strengthened to N1,346.91 per dollar, from N1,347.53 on Wednesday.

That translates to a day-to-day gain of N0.62 against the dollar. The naira has appreciated at the official market throughout the week so far.

Official market vs black market

At the black market, the naira extended its depreciation. It exchanged at N1,390 per dollar on Thursday, compared with N1,385 on Wednesday.

The official rate and the parallel market rate moved in opposite directions. The black market rate stayed above the CBN rate, leaving a gap between the two windows.

External reserves drop

The country's external reserves dropped to $55.26 billion. It was the first drop in a long while.

The reserves figure comes as the naira continues to show mixed movement across the official and parallel markets.

What it means for Nigerians

The official market gain may not immediately ease dollar costs for consumers and businesses that rely on the black market. The parallel market rate remains the reference for many transactions, so the divergence matters for pricing and imported goods.