Naira Strengthens to ₦1,510/$ in Parallel Market, Gains Across Official Windows

The Naira appreciated on Friday to ₦1,510 per U.S. dollar in the parallel market, up from Thursday’s ₦1,513/$ rate.

In the Nigerian Foreign Exchange Market (NFEM), the currency also improved, trading at ₦1,485 per dollar compared to ₦1,490/$ the previous day.

Figures from the Central Bank of Nigeria (CBN) showed further gains at the official window, where the Naira closed at ₦1,480 per dollar on Friday, stronger than ₦1,485/$ on Thursday—marking a ₦5 appreciation.

With these movements, the gap between parallel market and NFEM rates widened to ₦30 per dollar, compared to ₦28 the previous day.

For the week, the Naira gained ₦11.49 kobo at the official market and ₦10 at the parallel market against the greenback.

Analysts remain optimistic about near-term stability in the FX market, pointing to stronger inflows and rising investor confidence.

In its latest financial market outlook, Cowry Asset Management Limited stated:

“Looking ahead, the Naira is expected to stay relatively stable across markets, supported by stronger FX inflows, reserves build-up, and sustained CBN interventions. Higher oil prices should further strengthen external buffers and investor confidence.

“Still, risks from global oil price swings and persistent domestic demand pressures mean sentiment could remain cautious.”

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