Exchange rate extends one-week appreciation rally across official, parallel markets.
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After the Sallah holidays, the Naira has continued to rise on both the official and parallel foreign exchange rate markets for the past week.
According to Naijaeyes, the naira rose from N1610/$1 on Wednesday to N1605/$1 on Thursday on the parallel market, ahead of Sallah.In honor of Eid-ul-Adha, the Federal Government of Nigeria formally announced Friday, June 6, and Monday, June 9, 2025, as public holidays throughout the country.
According to data from the Central Bank of Nigeria’s (CBN) website, the currency closed at N1,540/$1 on Tuesday, the first day of trade, up from N1,551/$1 on Thursday.
Additionally, the data indicates that the naira finished at N1,564/$1 on Wednesday, completing a week-long appreciating surge after closing at N1,579/$1 on Tuesday and N1,580/$1 on Monday.
A similar pattern can be seen in the data from Naijaeyes sources from BDC operators in Lagos.The currency stabilized between N1600-N1610/$1 during that time, according to Naijaeyes data data. The currency appreciated from N1605/$1 on Thursday and N1610/$1 on Wednesday to trade at N1600/$1 on Tuesday, according to Naijaeyes sources.
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Performance in relation to other key currencies
According to Naijaeyes data, the value of the naira increased from N2,160.00/£1 on Thursday to N2,145.00/£1 on Tuesday.
Before strengthening to N2,165.00/£1 on Tuesday, the naira began the week at N2,175.00/£1 against the British pound sterling. On Wednesday, however, the value of the naira dropped to N2,210.00/£1.
- The naira also showed a similar pattern against the Euro during the week; Currently, Naijaeyes data shows the naira has appreciated to N1,790.00/€1 in the parallel market on Tuesday. This is an appreciation from Thursday’s N1,805.00/€1.
- Recall that the naira started the week at N1,810.00/€1 on Monday. It stayed the same on Tuesday at N1,810.00/€1 before depreciating to N1,815.00/€1 on Wednesday.
Comparing post-holiday exchange rate performance
The naira’s performance after the Sallah holidays stands in contrast to the trend observed after the Easter holidays in April 2025.
- Data from CBN shows that the naira depreciated further in the official foreign exchange market, depreciating to N1,606.00/$1, a marginal decline compared to N1,600.50/$1 recorded on Thursday, 17 April 2025, the last trading day before the Easter holidays.
- This represents a depreciation of 0.34% over the four-day holiday period, signaling continued pressure on the local currency amid liquidity concerns and sustained demand for dollars in the market.
- In the parallel market, also known as the black market, the naira also weakened slightly, trading at N1,615/$1, compared to N1,610/$1 before the Easter break. This represents a depreciation of N5, based on market data.
Exchange rate extends one-week appreciation rally across official, parallel markets
Analysts say the currency’s recent gains reflect growing investor confidence and an improved foreign exchange (FX) supply environment.
The continued convergence of rates in both the official and parallel markets suggests a narrowing gap between the two, pointing to improved market alignment.
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