ABUJA — The Nigerian Naira wrapped up the week on a high note, posting noticeable gains against the US Dollar across both official banking channels and the parallel street market.
Fresh data from the Central Bank of Nigeria (CBN) shows the local currency strengthened to ₦1,362.09 per dollar, moving up from ₦1,367.76 recorded in the previous session. That marks a solid ₦5.67 daily jump for the Naira.
Key Market Movements at a Glance
- Official CBN Rate: ₦1,362.09/$ (Gained ₦5.67 in 24 hours)
- Black Market (Street) Rate: ₦1,410/$ (Gained ₦10 in 24 hours)
- Weekly Performance: Gained ₦18.19 (Official) and ₦15 (Parallel) week-on-week
- Foreign Reserves: Reached $52.02 Billion as of July 23
What’s Driving the Surge?
Street traders at the popular Wuse Zone 4 FX hub in Abuja confirmed that dollar demand relaxed heading into the weekend, allowing the Naira to gain ₦10 on the parallel market—moving from ₦1,420 down to ₦1,410 per dollar.
Reserve Cushion: Nigeria’s external reserves climbed to $52.02 billion, providing the Central Bank with stronger backing to defend the local currency and keep liquidity flowing across official foreign exchange windows.
| Market Segment | Previous Rate | Latest Rate | Change |
|---|---|---|---|
| Official (CBN) | ₦1,367.76 | ₦1,362.09 | +₦5.67 (Stronger) |
| Parallel (Black Market) | ₦1,420.00 | ₦1,410.00 | +₦10.00 (Stronger) |
With both markets trending downward for the US Dollar over the week, traders and businesses are closely watching whether this momentum carries into the new trading week.
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