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The naira has strengthened to about ₦1,350 per dollar at the official Nigerian Foreign Exchange Market (NFEM), extending its recent gains against the US currency.
The naira closed at around ₦1,350 per dollar on Monday, compared with ₦1,358.25 per dollar recorded on Friday, according to the latest official data. The move represents an appreciation of ₦8.25, or about 0.6 percent, and marks the naira’s strongest closing level since April 22, 2026.
Early trading on Tuesday saw the dollar at about ₦1,352.22, indicating the naira remained close to the ₦1,350/$ level.
In the parallel market, the dollar was quoted at about ₦1,407 to buy and ₦1,420 to sell, based on the latest available Bureau De Change rates.
At the ₦1,420 selling rate, anyone buying $1,000 would need about ₦1.42 million, while those selling $1,000 could receive approximately ₦1.407 million.
The parallel-market selling rate is about ₦70 higher than the official NFEM rate, a gap of roughly 5.2 per cent between the two markets.
The naira’s recent improvement has been linked to stronger foreign exchange liquidity and increased dollar supply.
Official data also showed the currency strengthened from ₦1,365.69/$ the previous week to ₦1,357.61 per dollar on Monday before moving further toward ₦1,350 per dollar.
The latest movement suggests continued stability in Nigeria’s foreign exchange market, although the gap between the official and parallel markets remains a key indicator for businesses and consumers.
