The Nigerian currency strengthened to N1,340 per dollar at the parallel segment of the foreign exchange market on Friday, marking a 1.12 percent appreciation from N1,355/$ recorded on February 19.
The latest figure represents the naira’s best showing since April 2024, when it traded within the N1,300/$ range.
Earlier in the week, the currency posted steady gains in the black market, appreciating to N1,385/$ on February 16, N1,380/$ on February 17, and N1,365/$ on February 18.
However, at the official window — the Nigerian Foreign Exchange Market (NFEM) — the naira weakened slightly. It fell by 0.37 percent to N1,346.32 per dollar on Friday, compared to N1,341.35/$ on Thursday.
The local unit had appreciated to N1,347.77/$ on February 16 and strengthened further to N1,335.95/$ on February 17, before reversing course to N1,338.1/$ on February 18.
With the parallel market rate at N1,340 and the official rate at N1,346.32, the spread between both windows has narrowed to N6.32, bringing them close to convergence once again. The two rates last converged in February 2025.
Speaking earlier this month, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, reiterated the apex bank’s resolve to stabilise the currency.
He said the bank would do “whatever it takes” to safeguard the value of the naira, while strengthening the country’s external reserves.
Nigeria’s foreign exchange reserves recently climbed to $48.5 billion as of February 17 — their highest level in about 13 years.
Meanwhile, prominent business leaders have expressed optimism about the currency’s outlook. Femi Otedola, chairman of First HoldCo, said he expects the naira to firm up significantly and trade below N1,000/$ before the end of the year as domestic refining operations gather pace.
Similarly, Aliko Dangote, chairman of the Dangote Group, projected that the currency could strengthen to around N1,100 per dollar by 2026.
