This week, the naira has experienced its first appreciation against the dollar in the parallel foreign exchange market. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira strengthened to N1625 per dollar on Thursday, up from N1635 on Wednesday.
“We buy dollars at N1620 and sell them at N1625 on Thursday,” he stated. This indicates a daily appreciation of N10 for the naira against the dollar.
In contrast, the official market saw a slight depreciation, with the naira falling by N2.63 to N1,599.33 per dollar on Thursday, down from N1,596.70 the previous day. This shift follows a period of relative stability for the naira against the dollar in the official market.
These mixed trends in both foreign exchange markets coincide with Nigeria’s inflation rate, which dropped to 23.7 percent in April 2025.
