Nigeria’s Naira Continues to Appreciate Against Dollar in Black Market

Nigeria’s currency, the naira, continued its appreciation against the dollar at the parallel foreign exchange market on Monday.

Exchange rate data shared by the National President of the Association of Bureau de Change Operators, Aminu Gwadebe, showed that the naira strengthened to N1605 per dollar on Monday from N1610 on Friday last week.

This indicates that the naira gained N5 against the dollar on a day-to-day basis.

Meanwhile, at the official market, the naira dropped slightly by N0.41 against the dollar to exchange at N1,599.95 on Monday, compared to N1,599.54 at the close of last week.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, in his closing remarks at the 2025 IMF/World Bank Spring Meetings in Washington, D.C., United States of America, at the weekend, stated that Nigeria’s foreign reserves have exceeded $38 billion.

“Our foreign reserves now exceed $38 billion, providing nearly ten months of import cover,” he said.

Recall that last Friday, the naira closed in bullish territory in both the parallel and official markets.