Naira Gains Strongly Against Dollar in Black Market

The naira recorded a significant gain against the U.S. dollar in the parallel foreign exchange market on Monday, reflecting renewed strength in Nigeria’s local currency.

Abubakar Alhasan, a Bureau de Change operator based in Wuse Zone 4, Abuja, reported that the naira appreciated sharply to N1,617 per dollar, compared to N1,635 traded at the close of last week. This marks an N18 gain within a single trading day.

Meanwhile, the official exchange rate also reflected a slight improvement. According to data published by the Central Bank of Nigeria (CBN), the naira appreciated marginally by N0.04, closing at N1,598.68 to the dollar on Monday—up from N1,598.72 recorded last Friday.

The currency’s uptick comes amid market anticipation ahead of the Central Bank’s Monetary Policy Committee (MPC) meeting, where a key decision on benchmark interest rates is expected to be announced on Tuesday. Analysts suggest the MPC’s move could influence investor sentiment and further shape the naira’s trajectory in the days ahead.