Naira to Dollar: Naira Continues to Appreciate Against Dollar at Official and Parallel Markets

Nigeria’s currency, the naira, continued its upward trajectory against the dollar at both the official and parallel foreign exchange markets on Thursday, marking the second consecutive day of gains.

According to the latest data from the Central Bank of Nigeria (CBN), the naira appreciated to ₦1,601.82 per dollar on Thursday, strengthening slightly from the ₦1,602.30 recorded on Wednesday. This reflects a marginal gain of ₦0.48, which is an improvement compared to the ₦0.33 gain recorded the previous day.

Analysts suggest that the continued appreciation of the naira could be attributed to a series of monetary policy measures introduced by the CBN, aimed at boosting dollar liquidity and restoring confidence in the foreign exchange market. Increased supply of foreign exchange from both official and autonomous sources, along with moderate demand pressures, have also supported the naira's stability in recent sessions.

In the parallel market, reports indicate a similar trend of marginal strengthening, although rates continue to vary slightly depending on location and transaction size.

Market watchers are cautiously optimistic, noting that while the gains are modest, they signal positive momentum for the naira amid broader efforts by the government and the apex bank to stabilize the economy.

The CBN has reiterated its commitment to maintaining a market-driven exchange rate system while also ensuring adequate intervention to curb excessive volatility.