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.

The local currency also recovered slightly against other major currencies. Against the British pound, it strengthened to N2,075/£1 from N2,080/£1, while the sell price remained unchanged at N2,100/£1. 

Similarly, it appreciated against the euro, trading at N1,770/€1 from N1,775/€1, with the sell price easing to N1,790/€1 from N1,800/€1.

However, the naira weakened marginally at the official window, where it closed at N1,535/$1 compared to N1,534/$1 on Monday. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,534/$1and N1,535.50/$1 during Tuesday’s session.

The naira’s mixed performance reveals ongoing supply and demand pressures in the forex market. Analysts note that consistent interventions by the Central Bank of Nigeria (CBN) remain critical in stabilising the currency.

As the demand for foreign currencies mounted, the naira also declined against the euro, as the euro buy price rose to N1,775/€1, and sold for N1,800/€1 on the first day of the week.

However, the naira movement recorded a mixed performance, despite depreciating against other foreign currencies, the Nigerian currency strengthened against the British pound to N2,080/£1 from its prior rate of N2,090/£1 while it sold for N2,100/£1 from N2,110/£1.

In the official market, the naira’s performance was similarly to the black market as it opened the week lower at N1,534/$1, a mild depreciation from its last Friday close of N1,533/$1.

During the day’s trading session, the pair fluctuated between N1,532/$1 and N1,535/$1 on Monday.

The naira’s slow start to the week highlights ongoing pressure in the foreign exchange market. However, market participants continue to watch the naira while monitoring developments that could influence the currency’s performance.

This marks a stronger close compared to the week’s opening rate, with the currency gaining 0.32% from N1,545/$1 on Monday to N1,540/$1 on Friday.

Against the British pound, the naira rose slightly to N2,090/£1 from N2,095/£1, while the sell rate stood at N2,110/£1. It, however, weakened marginally against the euro, falling to N1,770/€1 from N1,775/€1, with the sell rate easing to N1,790/€1 from N1,800/€1.

In the official market, the naira mirrored this positive trend against the U.S. dollar, closing at N1,534/$1 on Friday. Throughout the week, the official rate remained relatively stable, fluctuating between N1,533/$1 and N1,536/$1.

Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday movements on Friday ranging from N1,529.75/$1 to N1,535/$1.

The naira’s relative stability signals sustained market confidence. However, analysts note that maintaining this momentum will require consistent policy support and continued investor trust.