The naira appreciated to N1,470 per dollar in the parallel market on Monday, gaining N30 from the previous rate of N1,500 per dollar. Traders in major markets across Lagos confirmed that demand for the dollar dropped slightly, helping ease pressure on the naira.
Currency analysts attributed the gain to a decline in speculative activities and increased dollar supply from non-official sources. They noted that more Nigerians are now selling their dollars, anticipating further appreciation.
At the official Investors and Exporters (I&E) window, however, the naira closed at N1,482.57 per dollar. This marked a slight depreciation from Friday’s close of N1,470.25. The Central Bank of Nigeria (CBN) has continued its reforms aimed at narrowing the gap between official and parallel market rates.
Forex inflows into the economy have increased following recent efforts by the CBN to clear backlog obligations and attract foreign investments. Some financial experts believe the ongoing reforms are gradually restoring investor confidence in the Nigerian economy.
Bureau De Change operators in Lagos and Abuja say they are watching the market closely and expect the naira to remain stable in the short term, barring any shocks. Many Nigerians are hopeful that the local currency will continue to strengthen, especially as the CBN tightens monetary policy and foreign exchange controls.
Despite the recent gain, economic analysts advise caution. They stress the need for sustained reforms, transparency in forex allocation, and efforts to boost exports to achieve long-term naira stability.
