The Nigerian naira has recorded its highest appreciation against the US dollar in recent days, marking a significant turnaround in the parallel foreign exchange market. According to reports from Bureau de Change operators in Wuse Zone 4, Abuja, the naira strengthened to N1,515 per dollar on Tuesday, up from N1,540 on Monday—a gain of N25 in just 24 hours.
This latest surge outperforms last week’s N15 gain, signaling a positive trend for the local currency. At the official foreign exchange market, the Central Bank of Nigeria (CBN) has yet to release Tuesday’s data, but as of Monday, the naira closed at N1,508.58 per dollar.
The naira’s appreciation coincides with a decline in Nigeria’s inflation rate, which dropped to 24.48% in January 2025 following the rebase of the country’s Consumer Price Index. Aminu Gwadebe, National President of the Association of Bureau de Change Operators, attributed the naira’s gains to increased interbank proceeds flowing into Bureaux de Change, boosting foreign exchange supply.
This development comes as a relief to many Nigerians, who have faced economic challenges due to the naira’s depreciation in recent months. The CBN’s efforts to stabilize the currency and improve forex liquidity appear to be yielding results, offering hope for a more stable economic environment.
