Naira records highest gain against dollar in parallel market

Naira records highest gain against dollar in parallel market

The naira has recorded its strongest appreciation against the dollar in recent days at the parallel foreign exchange market.

A Bureau de Change operator in Wuse Zone 4, Abuja, told DAILY POST that the naira strengthened to N1,515 per dollar on Tuesday, up from N1,540 on Monday—a N25 gain.

This latest surge surpasses last week’s N15 appreciation in the parallel market.

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At the official FX market, the Central Bank of Nigeria (CBN) has yet to release Tuesday’s data, but the naira closed at N1,508.58 per dollar on Monday.

This development comes as Nigeria’s inflation rate declined to 24.48 per cent in January 2025, following the rebase of the country’s Consumer Price Index.

Earlier, the National President of the Association of Bureau de Change Operators, Aminu Gwadebe, attributed the naira’s appreciation to the pick-up in interbank proceeds directed to Bureaux de Change.

Naira records highest gain against dollar in parallel market