According to Aboki FX, an online public repository that tracks Nigeria’s daily parallel exchange rates, the market is currently trading at a buy rate of N1,460 and a sell rate of N1,465 for the Naira-to-dollar exchange.

For the Naira-to-Pound rate, the black market recorded a buy rate of N1,905 and a sell rate of N1,925. The Naira-to-Euro exchange stood at N1,665 (buy) while the sell rate was N1,685.

Meanwhile, the GT Bank Daily FX Windows Rate For International Transactions closed at N1,447/$.

Again, the Central Bank of Nigeria (CBN) Daily Nigerian Foreign Exchange Market (NFEM) rate closed at N1,444/$ last week Friday, as the rate for the day had not been updated at the time of filing this report.

Continuing its positive trajectory from last week, the naira maintained its resilience against the U.S dollar. The naira recorded notable improvement against the British pound and euro, appreciating to N2,070/£1 and  N2,085/£1 respectively, with sell price rising to N2,090/£1 from N2,110/£1.

Against the euro, it improved to N1,760/€1 from N1,770/€1, while the sell price increased to N1,780/€1 from N1,790/€1.

The naira movement in the official market was not as impressive, declining to N1,489/$1 from the previous week’s close of N1,488/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,486/$1 and N1,492/$1 during Monday’s trading.

Monday’s dollar-to-naira performance reflects the persistent volatility in the foreign exchange market. Sustained progress will hinge on stronger fiscal policies and confidence in monetary reforms.

This performance is a 1.3% week-on-week increase, compared to last Friday’s close of N1,535/$1.

However, the naira lost ground against other major currencies. It depreciated to N2,085/£1 against the British pound from N2,075/£1, with the sell price rising to N2,110/£1 from N2,100/£1.

Against the euro, it slipped to N1,770/€1 from N1,765/€1, while the sell price increased to N1,790/€1 from N1,785/€1.

In the official market, the naira also advanced, closing at N1,488/$1, stronger than Thursday’s N1,499/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed it traded between N1,481/$1 and N1,499/$1 during Friday’s session.

Overall, the naira showed resilience against the U.S. dollar this week, supported by improved dollar supply and recent market interventions.

Still, analysts note that global economic conditions will continue to weigh on the exchange rate in the coming weeks.

However, it recorded mixed signals as it weakened in both the official and parallel markets against other foreign currencies.

In the black market, the naira depreciated against the British pound to N2,100/£1 from N2,085/£1, and further to N2,125/£1 at the selling end compared with N2,105/£1 previously.

It also slipped against the euro, trading at N1,785/€1 from N1,775/€1, while sellers quoted N1,810/€1, up from N1,795/€1last week.

In the official market, the naira eased slightly to N1,536.5/$1, from N1,535/$1 at the previous close. Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday fluctuations between N1,535.50/$1 and N1,537/$1 during Monday’s session.

The currency’s mixed performance shows the persistent pressure on the naira. While ongoing reforms are gradually restoring investor confidence, high demand for foreign exchange continues to weigh on both the official and parallel markets.

A surge in demand for the U.S. dollar put the Nigerian currency under pressure. However, the naira held its ground against other major foreign currencies, appreciating slightly against the euro.

The buy price of the euro fell to N1,770/€1 from the previous close of N1,775/€1, while the sell price stood at N1,790/€1.

Against the British pound, the naira maintained stability as the buy price remained at N2,090/£1, the same as the previous close, while the sell price eased to N2,115/£1 from N2,120/£1.

In the official market, the naira lost some of its earlier gains, edging down from N1,532/$1 to N1,533/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,532/$1 and N1,534/$1 during Tuesday’s trading.

With persistent demand pressure in the foreign exchange market testing the Central Bank of Nigeria’s (CBN) policy measures, sustained intervention will be critical to restoring stability.

Similarly, the naira appreciated to N844.85 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N844.85 per dollar from N888.35per dollar on Monday, indicating a N43.5 appreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N380.15 per dollar yesterday from N351.65  per dollar last week Friday.

The intraday high of the market stood at N1,189.12 per dollar while the intraday low was N720 per dollar resulting in a gap of N469.12 per dollar.

The volume of dollars traded on the window fell by 19 percent to $1,11.76 million from $137.82 million on Monday. Mr. Sanni Usman, a black market trader, said he bought a dollar at N1,210 yesterday and sold it for N1,225. (Vanguard)