The naira appreciated by N5 in the parallel market on Thursday, closing at N1,545 per dollar, an improvement from N1,550 the previous day.
This gain reflects renewed confidence in the currency, largely attributed to the Central Bank of Nigeria’s (CBN) ongoing foreign exchange reforms, which have reduced speculative buying.
Conversely, in the official Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, falling by N5.24 or 0.3%, with the dollar quoted at N1,525.98, compared to N1,520.74 on Wednesday, based on data from the CBN. Still, the naira has posted a 1.4% year-to-date gain in the official market, rising from N1,541.36 at the beginning of the year to N1,520.74 on Wednesday.
In the parallel market, the currency showed even stronger momentum, with a 7% year-to-date appreciation, advancing from N1,660 in January to N1,550 as of midweek.
FX dealers credit the sustained stability to policy-driven reforms that have curbed excessive demand.
Meanwhile, crude oil prices dropped, with Brent crude down 2.02% to $68.77, and WTI crude sliding 2.35% to $66.77, amid global concerns over President Trump’s proposed tariffs.
The U.S. dollar index also jumped from 97.26 to 97.93, intensifying pressure on the naira in the official window.