Business
Naira Bounces Back, Strengthens Against US Dollars at Official Market
- Naira Gains Slightly at Official Market: The Naira appreciated to N1,530.52 per dollar on Wednesday, up from N1,532.93 on Tuesday, marking its first gain since March 14, 2025.
- Parallel Market Depreciation: Despite gains at the official rate, the Naira fell by N5 in the parallel market, closing at N1,585 per dollar on Wednesday.
- Dangote Refinery’s Impact: The Centre for the Promotion of Private Enterprise (CPPE) warns that Dangote Refinery’s move to sell petroleum products in dollars may further weaken the local currency.
The Naira recorded a slight appreciation against the dollar at the official foreign exchange market for the first time since Friday, March 14, 2025.
According to data from the Central Bank of Nigeria (CBN), the Naira rose to N1,530.52 per dollar on Wednesday, strengthening from N1,532.93 recorded on Tuesday. This indicates a modest gain of N2.41 against the dollar within 24 hours.
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However, in the parallel market, the Naira experienced a N5 depreciation, closing at N1,585 per dollar on Wednesday compared to N1,580 on Tuesday.
This highlights the persistent volatility between the official and black market exchange rates.
Naira and Dollar
The Naira’s fluctuation comes amid ongoing concerns about foreign exchange liquidity and economic pressures.
Analysts suggest that the Central Bank’s recent policy measures may be aimed at stabilizing the currency, though challenges remain due to rising demand for foreign exchange.
Meanwhile, the Centre for the Promotion of Private Enterprise (CPPE) has raised concerns over the potential impact of Dangote Refinery’s decision to sell petroleum products in dollars rather than Naira.
According to CPPE, this policy shift could further weaken the local currency by increasing the demand for dollars while reducing the supply of Naira in the forex market.
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Market observers continue to monitor developments closely, with expectations that upcoming economic policies and interventions may influence the Naira’s trajectory in the coming weeks.
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