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The naira made a modest recovery against the dollar across both the official and parallel foreign exchange markets on Friday, rounding off the week on a positive note after several days of depreciation.
This development follows the Nigerian presidency’s declaration that currency harmonisation has now been achieved under President Bola Ahmed Tinubu’s administration.
According to official data from the Central Bank of Nigeria (CBN), the naira appreciated slightly at the official window, trading at ₦1,532.34 to the dollar on Friday—an improvement from Thursday’s ₦1,533.11. This reflected a marginal gain of ₦0.77 against the greenback in day-on-day trading.
A similar trend was observed in the black market, where the naira firmed up to ₦1,535 per dollar by the end of Friday’s session.
This modest rally followed two consecutive days of losses at the official market, although the naira remained relatively stable in the parallel market during that period.
Market reports also indicate that the gap between the official and black market exchange rates has now narrowed significantly, suggesting progress in the effort to unify Nigeria’s multiple exchange rates.
Reacting to the development, presidential spokesperson Bayo Onanuga stated that “the Naira harmonisation has been achieved under the renewed hope agenda of President Bola Ahmed Tinubu’s administration.”
“Harmonisation of exchange rate achieved. Renewed Hope Agenda is not just a slogan. It is real,” he wrote on X.
