The naira has strengthened slightly against the dollar in the parallel market, reaching N1,627 on Thursday. This marks a 1.39% appreciation from the N1,650/$ recorded on January 24, 2025.
Currency traders, also known as bureau de change (BDCs) operators, reported a buying rate of N1,610 for the dollar and a selling price of N1,627, leaving a profit margin of N17. According to BDC operators, the local currency’s gain is attributed to low demand for the dollar at the moment.
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The Central Bank of Nigeria (CBN) has also been active in the market, with traders confirming that the bank’s intervention in dollar sales through commercial banks has been consistent this week.
In the official foreign exchange window, the naira has shown steady improvement. Data from the Nigeria Foreign Exchange (NAFEM) platform indicates that the naira strengthened from N1,533/$ on Monday to N1,493 on Thursday, with a gradual appreciation observed throughout the week.
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