Naira records first appreciation against dollar at black market

Fashola MC POSCABA

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Friday, May 16, 2025

The naira has recorded its first appreciation this week against the dollar at the parallel foreign exchange market.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told newsmen that the naira strengthened to N1625 per dollar on Thursday from N1635 exchanged on Wednesday.

“We buy dollars at N1620 and sell at N1625 on Thursday,” he disclosed to newsmen.

This means that the naira appreciated by N10 against the dollar on a day-to-day basis.

Meanwhile, at the official market, the currency depreciated slightly by N2.63 to N1,599.33 per dollar on Thursday from N1,596.70 traded the previous day. This comes after the naira had recorded days of stability against the dollar at the official market.

The mixed sentiments at both FX markets come at the time Nigeria’s inflation rate in April 2025 dropped to 23.7 percent.

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