Naira exchange rate update shows slight gains in the parallel market and minor dip in official rates, narrowing gap to ₦18. CBN’s FX moves credited
The Naira appreciated slightly in the parallel market on Friday, gaining ₦5 to trade at N1,550 per dollar compared to N1,555/\$ recorded the day before.
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In contrast, the Nigerian Foreign Exchange Market saw a mild depreciation, with the local currency falling by ₦1 to close at N1,532 per dollar, based on data from the Central Bank of Nigeria.
This development reduced the gap between the official and parallel markets to ₦18, down from ₦24 the previous day, reflecting continued efforts to align both markets.
Despite day-to-day shifts, the Naira has largely remained within the N1,500/\$ band across both markets throughout the week.
It ended the week ₦2.5 weaker in the parallel market but gained ₦15 at the official window, improving from an earlier rate of N1,565/\$.
Analysts attribute the stability to the Central Bank’s consistent interventions. In its 2025 mid-year report, Afrinvest West Africa Limited stated: “The only major positive surprise to our projections has been the exchange rate.”
Afrinvest had initially forecast an average rate of N1,804.45/\$ for 2025. However, citing greater transparency, strategic FX measures, and declining speculative pressure, the firm has revised its estimate to N1,577.25/\$.
“The CBN has successfully stabilised the Naira between N1,550.10/\$ and N1,620/\$,” Afrinvest added.
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The firm also pointed to reduced FX demand from energy imports due to local refining by Dangote Refinery, improved tech-driven trading, and higher yields from Open Market Operations as key factors supporting the Naira.
