The Nigerian naira has strengthened in recent days, appreciating from ₦1,610/$ to ₦1,585/$ in the parallel (black) market, a significant gain of ₦25/$ while the official rate also firmed to ₦1,543/$, according to Vanguard data. This marks the sharpest rise in the informal market since early June and narrows the gap between official and parallel rates to about ₦42/$.
Analysts tie the gains to improved foreign exchange inflows and positive investor sentiment, which noted a rally in both markets post-Sallah holidays. The Central Bank of Nigeria’s continued FX interventions and tighter monetary policy are also credited with stabilizing the currency.
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