The naira recorded significant appreciation against the dollar across both the official and parallel foreign exchange markets on Thursday, just ahead of the Eid al-Adha celebration.

According to data from the Central Bank of Nigeria, the naira strengthened to N1,553.12 against the dollar on Thursday, improving from Wednesday's rate of N1,565.46. This represents a substantial gain of N12.34 per dollar in a single trading day at the official foreign exchange market.

The parallel market, commonly known as the black market, also witnessed impressive gains as the naira appreciated by N23, trading at N1,590 per dollar on Thursday compared to N1,613 recorded the previous day.

"We buy at 1585 per dollar and sell at N1590 on Thursday," Abdulsalami Musa, a Bureau de Change operator in Wuse Zone 4, told BenriNews.

Consistent Appreciation Trend

This marks the fourth consecutive trading session where the naira has appreciated against the dollar at the official exchange market. The upward trend began on Monday, June 2, 2025, when the naira traded at N1,581.58 against the dollar.

The consistent strengthening of the naira comes at a significant time as Nigerians prepare to celebrate Eid al-Adha on Friday. The appreciation could potentially ease some financial pressure on businesses and individuals who need foreign exchange for various purposes during the holiday period.

Market analysts suggest that improved foreign exchange liquidity and recent policy measures by the Central Bank might be contributing factors to the naira's positive performance in recent days.

The narrowing gap between the official and parallel market rates also indicates progress toward exchange rate stability, which has been a key economic objective for Nigerian monetary authorities.