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Naira Gains Strength, Hits N1,600 to Dollar at Parallel Market

The naira appreciated significantly on Friday, trading at N1,600 per dollar in the parallel market, marking a 6.7% gain from N1,715 recorded on December 5. Traders reported buying at N1,570 and selling at N1,600, with a margin of N30.

This improvement reflects the naira’s strongest position since August 13, when it traded at N1,595. The local currency experienced a positive trajectory earlier in the week, appreciating from N1,730 on Monday to N1,695 on Wednesday, before a slight dip to N1,715 on Thursday.

In the official market, the naira also strengthened, closing at N1,567 per dollar on Thursday via the EFEMS platform, showcasing a continued recovery trend.

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