Naira Appreciates to ₦1,545 Against U.S. Dollar in Parallel Market

The Nigerian naira showed signs of recovery on Monday, trading at ₦1,545 to one US dollar in the parallel market, up from ₦1,550 at the end of last week. 

At the same time, the naira also gained ground in the official Nigerian Foreign Exchange Market, where it closed at ₦1,528.65 to the dollar, compared with ₦1,532 on Friday.

This dual appreciation means the gap between the parallel and official rates narrowed from ₦18 per dollar to just ₦16.35.

Analysts say the stability reflects growing confidence in the Central Bank of Nigeria’s ongoing currency reforms. By adjusting liquidity measures and intervening selectively, the Bank has helped curb excessive dollar demand that once drove large swings in the exchange rate.

So far this year, the naira has appreciated by about 7% in the parallel market and nearly 1.4% in the official window. If this trend continues, consumers and businesses could start to see lower costs for imported goods, a welcome relief in an economy where import prices often drive inflation.

For now, traders advise checking both rates regularly, as small policy shifts or global market news can still move the naira’s value. But Monday’s gains suggest that the worst of the currency’s volatility may be easing, at least for the moment.