Nigeria’s naira continues to appreciate against dollar in black market

Nigeria’s currency, the naira, continued its appreciation against the dollar astatine the parallel overseas speech marketplace connected Monday.

Exchange complaint information shared by the National President of the Association of Bureau de Change Operators, Aminu Gwadebe, showed that the naira strengthened to N1605 per dollar connected Monday from N1610 connected Friday past week.

This indicates that the naira gained N5 against the dollar connected a day-to-day basis.

Meanwhile, astatine the authoritative market, the naira dropped somewhat by N0.41 against the dollar to speech astatine N1,599.95 connected Monday, compared to N1,599.54 astatine the adjacent of past week.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, successful his closing remarks astatine the 2025 IMF/World Bank Spring Meetings successful Washington, D.C., United States of America, astatine the weekend, stated that Nigeria’s overseas reserves person exceeded $38 billion.

“Our overseas reserves present transcend $38 billion, providing astir 10 months of import cover,” helium said.

Recall that past Friday, the naira closed successful bullish territory successful some the parallel and authoritative markets.