The Naira is enjoying a positive trend on both the official and parallel markets following the close of trading on Thursday, February 21, 2025.
In the official foreign exchange (FX) market, the naira rebounded from Wednesday’s losses against the dollar, according to data published on the Central Bank of Nigeria (CBN) website.
After trading concluded for the day, the dollar was quoted at N1500, showing an appreciation from the N1,509.0387 per dollar it exchanged for on Wednesday in the Nigerian Foreign Exchange Market (NFEM), as indicated by CBN data.
Similarly, in the parallel market, often referred to as the black market, the naira made significant gains, trading below the official rate.
A Bureau de Change operator in Enugu, who spoke to a correspondent, reported that the naira exchanged for N1400 per dollar and is now trading at N1480 per dollar.
“Yesterday we exchanged at 1490, but today the price has dropped further. We’re exchanging at 1480 today,” said the trader, who identified himself as Adamu.
