The Nigerian naira has recorded its first appreciation against the US dollar this week in the parallel foreign exchange market, commonly known as the black market.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the naira strengthened to ₦1,625 per dollar on Thursday, up from ₦1,635 exchanged on Wednesday, representing a ₦10 appreciation on a day-to-day basis.

"We buy dollars at ₦1,620 and sell at ₦1,625 on Thursday," Alhasan disclosed to reporters.

However, the currency showed mixed performance across markets. At the official foreign exchange market, the naira slightly depreciated by ₦2.63, trading at ₦1,599.33 per dollar on Thursday compared to ₦1,596.70 recorded the previous day. This minor decline comes after the naira had maintained days of stability against the dollar in the official market.

The mixed sentiments in both foreign exchange markets coincide with Nigeria's inflation rate dropping to 23.7 percent in April 2025, indicating some positive economic indicators despite ongoing currency fluctuations.

Financial analysts continue to monitor these currency movements closely as they reflect broader economic conditions and the effectiveness of monetary policies implemented by Nigerian financial authorities.

The naira's performance remains a critical indicator for businesses, investors, and ordinary Nigerians who continue to navigate the challenges of the country's economic landscape.