Naira Appreciates to N1,600 per Dollar in Parallel Market
By Elizabeth Adegbesan
April 25, 2025
In a notable shift in Nigeria’s currency dynamics, the naira has appreciated to N1,600 per dollar in the parallel market as of today. This marks a decrease from N1,610 per dollar recorded just the previous day, indicating a positive movement in the currency’s valuation.
Moreover, the Nigerian Foreign Exchange Market (NFEM) reported a similar trend, with the naira now trading at N1,589 per dollar, a notable improvement from its previous figure of N1,605 per dollar. The recent data released by the Central Bank of Nigeria (CBN) reflects a modest but significant appreciation of N6 in the indicative exchange rate.
This fluctuation in currency values has also resulted in a narrowing gap between the rates available in the parallel market and the NFEM. The margin has reduced to N1 per dollar from N5 per dollar, illustrating a convergence of exchange rates between the two markets.
Such movements in the naira’s value are closely monitored by investors and economic analysts, as they can have widespread implications on trade, investment, and overall economic health in Nigeria. Stakeholders in the financial sector will likely continue to observe these trends, gauging their potential impact on both local and international economic relations.
As the currency markets adjust, the Central Bank of Nigeria is expected to provide further insights and interventions aimed at stabilizing the naira and supporting the nation’s economy.
For now, this appreciation is a welcome development for traders and businesses engaged in foreign transactions, presenting opportunities for improved financial margins and economic activity.
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