Naira Strengthens at Official Market, Weakens in Black Market

April 3, 2025

A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo

The naira continued its upward trend against the dollar at the official foreign exchange market on Wednesday, following the Eid-el-Fitr holidays.

According to data from the Central Bank of Nigeria (CBN), the naira appreciated to N1,531.25 per dollar on Wednesday, improving from N1,536.82 recorded last Friday—marking a daily gain of N5.57 per dollar.

Naira (News Central TV) — A man holding a bundle of Naira notes and a $100 note. Photo credit: Bloomberg

However, in the black market, the currency moved in the opposite direction, weakening to N1,555 per dollar from N1,550 before the holidays.

The movement in the forex market comes after the CBN reported that Nigeria’s Net Foreign Exchange Reserves (NFER) had risen to $23.11 billion, the highest level in over three years, reinforcing confidence in the country’s external financial position.