The naira recorded significant appreciation against the dollar across both the official and parallel foreign exchange markets as trading resumed on Tuesday following the Eid-al-Adha holidays.
According to data from the Central Bank of Nigeria, the naira strengthened to N1,540 per dollar in the official market on Tuesday, improving from N1,553.12 recorded on Thursday, June 5, 2025. This represents a gain of N13.12 against the American currency.
The positive trend was also observed in the parallel market, where the naira appreciated to N1,607 per dollar on Tuesday from N1,610 before the holiday. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed this development to BenriNews.
"We buy at N1600 per dollar and sell at N1607 per dollar. This is an improvement from N1610 before Sallah. However, we are uncertain of the future," Alhasan stated.
Market Outlook
The appreciation continues a positive trend that was observed in both foreign exchange markets at the close of last week. Market analysts are watching closely to see if this strengthening will be sustained in the coming days.
This latest development comes as welcome news for businesses and consumers who have been grappling with the effects of currency fluctuations on the cost of imported goods and services.
The Central Bank of Nigeria continues to implement various measures aimed at stabilizing the foreign exchange market and boosting the value of the naira against major global currencies.
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