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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.
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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 $1,000 could receive approximately ₦1.407 million.
The parallel-market selling rate is about ₦70 higher than the official NFEM rate, a gap of roughly 5.2 per cent between the two markets.
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The naira’s recent improvement has been linked to stronger foreign exchange liquidity and increased dollar supply.
Official data also showed the currency strengthened from ₦1,365.69/$ 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.
