Naira Strengthens, Trades at N1,530/$1 in Black Market

The naira started the week on a positive note on Monday, strengthening against the U.S. dollar in both the official and black markets.

In the parallel market, it traded at N1,530/$1, an improvement from last Friday’s close of N1,535/$1.

However, against the British pound, the local currency slipped to N2,090/£1 compared to N2,085/£1 last week, while it sold at N2,110/£1 from N2,100/£1.

The naira gained slightly against the euro, closing at N1,770/€1 from N1,775/€1, while the selling price stood at N1,795/€1, up from N1,790/€1.

In the official market, the naira also extended its recent positive run, appreciating to N1,497/$1 on Monday from N1,501/$1 at the close of trading last Friday.

Data from the Nigerian Foreign Exchange Market (NFEM) showed transactions ranging between N1,493/$1 and N1,502/$1 during the day’s session.

Analysts say the gains against the dollar reflect improved forex liquidity and stronger market confidence. Still, sustaining the trend will depend on consistent policies, increased capital inflows, and broader economic stability.

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