This week’s rally builds on the momentum from last week, when the naira ended on a positive note in both markets
Naira Strengthens Across Markets Post-Eid, Gains Over ₦13 at Official Window
The naira opened the week with a strong performance in both the official and parallel foreign exchange markets, appreciating significantly against the US dollar following the Eid-al-Adha holidays.
According to official data from the Central Bank of Nigeria (CBN), the naira climbed to ₦1,540/$1 on Tuesday, marking a ₦13.12 gain from the ₦1,553.12/$1 rate recorded at the close of trading on Thursday, June 5, 2025.
The parallel market also reflected a similar upward trend. In Wuse Zone 4, Abuja—a major currency trading hub—Bureau de Change operator Abubakar Alhasan reported improved rates.
“We buy at ₦1,600 per dollar and sell at ₦1,607. This is an improvement from ₦1,610 before Sallah. However, we are uncertain of the future,” Alhasan told reporters.
This week’s rally builds on the momentum from last week, when the naira ended on a positive note in both markets. The recent appreciation has been attributed to increased dollar supply and relative calm in the forex market following the holiday break.
Analysts remain cautiously optimistic, noting that sustaining this momentum will depend on continued market interventions by the CBN and broader economic stability. Read More
