The naira surged beyond expectations, recording its strongest gain against the dollar in recent days at the parallel foreign exchange market.
Reports from a Bureau de Change operator in Wuse Zone 4, Abuja, indicate that the naira appreciated to N1,515 per dollar on Tuesday, strengthening from N1,540 on Monday—a N25 gain in a single day.
This latest appreciation outperformed last week’s N15 gain at the parallel market.
Meanwhile, at the official foreign exchange market, the Central Bank of Nigeria (CBN) has yet to release Tuesday’s data. However, as of Monday, the Nigerian currency closed at N1,508.58 per dollar.
This development coincides with a decline in Nigeria’s inflation rate to 24.48% in January 2025, following the rebase of the country’s Consumer Price Index.
Earlier, Aminu Gwadebe, National President of the Association of Bureau de Change Operators, credited the naira’s appreciation to increased interbank proceeds flowing into Bureaux de Change.
