Breaking News
Naira Strengthens to ₦1,510/$ in Parallel Market, Gains Across Official Windows
The Naira gained on Friday, closing at ₦1,510/$ in the parallel market and ₦1,480/$ at the official window. Analysts project near-term stability backed by stronger FX inflows and CBN interventions.
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.”
Opinion Nigeria News
Africa’s Mining Industry: New Opportunities for Cooperation with Russia and China -By Kestér Kenn Klomegâh
The Chinese delegation played a significant role in the event. Participants included Sun Yongjun, First Secretary of the Embassy of...
The Yerima Effect: How A Naval Officer’s Stillness Destroyed Wike’s Political Weapons, Collapsed His Judicial Shield, And Taught A Young Democracy To Stop Fearing Strong Men -By Prof. John Egbeazien Oshodi
The Ministry of Defence publicly defended the officer, not Wike. They stated clearly that Yerima acted within lawful authority. That...
Aso Rock and Kitoye Ajasa’s Lickspittle Press -By Festus Adedayo
To demonstrate their opprobrium for Ajasa’s leaflet, the Nigerian Pioneer newspaper, the people scoffed at it on the newsstand. To Ajasa’s contemporaries, his...
Ijebu-Jesa Grammar School at 70! (2) -By Abiodun KOMOLAFE
The truth we ignore is that Nigerian parents are no longer holding public education in high regard as they once...
Should Religious Identities Define Our Tragedies? Part II –By Matthew Ma
While external military intervention is often considered vital during crises, achieving lasting peace requires a comprehensive approach that extends far...