Naira inches up slightly at official market, slips on black market

The Nigerian naira recorded a modest appreciation against the United States dollar at the official foreign exchange window on Thursday, April 24, 2025.

According to the latest figures published by the Central Bank of Nigeria (CBN), the local currency closed at N1,601.82 to the dollar, improving marginally from the N1,602.30/$1 rate recorded on Wednesday.

This reflects a slight gain of 48 kobo, offering some relief in the face of ongoing currency volatility.

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However, the positive movement at the official market contrasted with the situation in the parallel market, where the naira depreciated by N2. It closed at N1,607/$1 on Thursday, down from N1,605/$1 the previous day.

In cross-currency performance, the naira remained flat against other major international currencies.

It traded at N2,120/£1 against the British Pound, N1,150/CA$1 against the Canadian Dollar, and ₦1,800/€1 against the Euro, indicating no significant movement in those segments of the forex market.

The slight gains recorded at the official window come amid ongoing efforts by the CBN to stabilize the naira and improve liquidity in the forex market.