Naira Strengthens to ₦1,480 in Parallel Market

After weeks of pressure, the naira appreciated to ₦1,480 per US dollar in the parallel market, up from ₦1,490 recorded over the weekend.

The uptick in value was mirrored in the official foreign exchange market, where the naira strengthened to ₦1,464 per dollar, improving from ₦1,469. The change signals about ₦5 of gains in both markets.

Analysts say the appreciation is supported by improved liquidity and lower demand for foreign currency. The Central Bank’s intermittent intervention is also credited with helping stabilize the naira.

Despite the positive movement, economists warn that sustaining this trend will depend on continued foreign exchange inflows, remittances, and disciplined monetary policy. Factors such as oil export revenue, investor confidence, and global market shifts will remain key in the coming weeks.