The Naira has continued its upward trend against the dollar in the parallel foreign exchange market, following the Central Bank of Nigeria’s (CBN) recent reforms.
According to Bureau de Change operator Abubakar Alhasan at Wuse Zone 4, Abuja, the Naira traded at N1,590 per dollar on Wednesday, strengthening from N1,600 on Tuesday—a gain of N10 in just one day.
Meanwhile, the official exchange rate saw a slight decline, settling at N1,499.76 per dollar on Wednesday, compared to N1,498.95 on Tuesday.
In recent days, the Nigerian currency has maintained an impressive performance in the black market. On Tuesday, it also appreciated by N10 against the dollar.
The currency’s recent gains have been driven by the CBN’s Foreign Exchange Code, introduced last week to improve transparency in the FX market. Additionally, the apex bank extended FX sales to Bureau de Change operators until May 2025, further stabilizing the market.
This development coincides with escalating global trade tensions, as U.S. President Donald Trump launches a trade war with China, Mexico, and other nations. The Trump administration recently imposed a 10% tariff on selected Chinese imports, prompting China to retaliate with a 15% tariff on U.S. coal and liquefied natural gas.
