Naira Strengthens Slightly to ₦1,487 per Dollar in Parallel Market

The naira gained slightly, changing hands at about ₦1,487 per dollar in the parallel market and ₦1,447 in the NFEM window, as the spread continued to tighten. The slight rebound reflects improved liquidity in the foreign exchange market following the Central Bank of Nigeria (CBN) ‘s interventions and a slowdown in speculative trading.

Traders in Lagos and Abuja reported increased dollar supply from exporters and remittance inflows, helping to ease pressure on the local currency. Meanwhile, in the official Nigerian Foreign Exchange Market (NFEM) window, the naira traded around ₦1,447 per dollar, narrowing the gap between official and parallel market rates to about ₦40.

Currency analysts say the recent trend indicates cautious optimism as monetary authorities continue to tighten policy to stabilise the exchange rate. The CBN’s ongoing clampdown on unauthorised FX platforms and its insistence on transparent pricing appear to be restoring confidence among market participants.

However, they warned that the naira’s recovery remains fragile, given Nigeria’s import dependence and the ongoing demand for foreign currency by manufacturers and investors. Sustaining the momentum, experts suggest, will require improved export performance, increased oil receipts, and consistent monetary discipline.