Naira Strengthens To ₦1,545/$ In Parallel Market

The naira appreciated slightly on Monday, July 15, trading at ₦1,545 per dollar in the parallel market, up from ₦1,550 over the weekend. In the Nigerian Foreign Exchange Market (NFEM), it also improved to ₦1,528.65 per dollar, compared to ₦1,532 at Friday’s close.

According to data from the Central Bank of Nigeria (CBN), the naira gained ₦3.35 at the official market. While modest, the improvement suggests a slight easing of pressure on the currency, which has faced ongoing volatility due to strong dollar demand from importers, travelers, and investors amid limited supply.

Thanks to the gains in both markets, the gap between the official and parallel rates narrowed to ₦16.35, down from ₦18 over the weekend. This difference is closely watched as an indicator of how well CBN’s interventions are working.

Analysts attribute the naira’s recent recovery to several factors: fresh dollar inflows from foreign portfolio investors, better oil revenue, and CBN’s continued efforts to stabilize the forex market through targeted policies and interventions.

However, dealers warn that the market is still fragile and could react to global economic changes or domestic challenges. They stress that long-term currency stability will depend on further reforms, increased non-oil exports, and policies that restore confidence in the forex market.