The Nigerian naira has recorded its most significant single-day appreciation against the US dollar, strengthening across both the official and parallel (black) foreign exchange markets on Monday.
According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,526.09 per dollar, gaining ₦5.48 from Friday’s rate of ₦1,531.57 at the official exchange window. This jump marks the strongest daily appreciation in recent weeks, surpassing last Friday’s ₦3.9 gain.
The momentum was also reflected in the parallel market, where the naira traded at ₦1,533 per dollar, compared to ₦1,543 on Friday. This represents a ₦10 appreciation within a single day, according to Abubakar Alhasan, a Bureau De Change operator in Abuja’s Wuse Zone 4.
Alhasan attributed the gain to a noticeable drop in demand for foreign currency, suggesting that reduced pressure on the dollar allowed the naira to strengthen.
While analysts continue to monitor the currency’s movement, Monday’s performance highlights how quickly market dynamics can shift when dollar demand slows. For Nigerians and businesses relying on foreign exchange, this is a welcome development—at least in the short term.
