Naira Gains Sharply After Eid at Official, Black Markets

Published 1 week ago• 1 minute read

The naira made notable gains against the dollar in both the official and parallel foreign exchange markets as trading resumed on Tuesday, following the Eid-al-Adha holidays.

According to the Central Bank of Nigeria’s official exchange data, the naira strengthened to N1540 per dollar on Tuesday, an increase from the N1,553.12 rate recorded on Thursday, June 5, 2025. This reflects an appreciation of N13.12 compared to the last recorded exchange rate prior to the holidays.

*Persistent Dollar Shortage Pushes Naira Further Down in Parallel Market

In the parallel market, the naira also saw improvement, appreciating to N1607 per dollar on Tuesday, up from N1610 on Thursday. This information was provided by Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja.

“We buy at N1600 per dollar and sell at N1607 per dollar. This is an improvement from N1610 before Sallah. However, we are uncertain of the future,” he said.

The ongoing appreciation observed in both foreign exchange markets concluded on a positive note last week.

Chinomso Sunday is a Digital Content Writer at News Central. Her expertise spans special reports, developmental insights, and investigative journalism. Additionally, she holds roles as an Editor, Online Reputation Manager, and Digital Marketing Strategist, contributing her combined skills to her professional endeavours.

Origin: