The Nigerian Naira appreciated slightly in the parallel market, rising from 1,595 to 1,590 per US dollar at the close of trading on Wednesday, June 25. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened marginally, closing at 1,549 per dollar.
Data from the Central Bank of Nigeria (CBN) showed the official exchange rate improved from 1,550 to 1,549 per dollar, representing a one-naira gain. This improvement narrowed the gap between the parallel market and the official NFEM rate to 41 naira per dollar, down from 45 naira the previous day.
The slight strengthening of the Naira comes amid supportive foreign exchange interventions by the CBN and improved investor sentiment driven by ongoing economic reforms. Despite these gains, demand for dollars in the parallel market remains high, with the black market rate for buying dollars averaging 1,590 naira and selling at around 1,600 naira.
Analysts note that while the Naira’s performance has improved, sustained stability will depend on continued forex liquidity, export diversification, and confidence in Nigeria’s economic policies.
