Naira gains stability as exchange rate gap narrows to N1 across official, black markets 

The Nigerian currency, naira, sustained its recent run of relative steadiness, with the disparity between official and parallel market exchange rates narrowing significantly.

By Friday, the local currency was exchanging at N1,535 per dollar in the black market — just N1 short of the official rate of N1,536/$1.

According to figures posted on the Central Bank of Nigeria’s (CBN) website, the naira ended Thursday at N1,536/$1, slightly weaker than its N1,531/$1 close on Wednesday.

On the parallel market, data from Nairametrics showed the naira appreciated by 0.33% — moving from N1,540/$1 on Thursday to N1,535/$1 by Friday.

In intra-day trading on Thursday, CBN data revealed that the highest exchange rate recorded was N1,538/$1, while the lowest stood at N1,520/$1.

Nigeria’s external reserves have increased to $37.78 billion from $37.6 billion, marking a 0.37% uptick and signaling stronger backing for the local currency.

This improvement is linked to stronger dollar inflows from oil sales, remittances from Nigerians abroad, and growing investor confidence, which analysts credit to ongoing monetary and fiscal policy reforms.

Experts suggest that this modest rise in reserves enhances the CBN’s capacity to support the naira, cover imports, and fulfill external debt obligations.

The Central Bank has scheduled its 301st Monetary Policy Committee (MPC) meeting for Monday, July 21, and Tuesday, July 22, 2025, at its Abuja headquarters.

At its previous meeting in May — the 300th session — the CBN kept the Monetary Policy Rate steady at 27.5%, maintaining a cautious approach amid economic headwinds.

(NAIRAMETRICS)