See Exchange Rate Tonight As Naira Strengthens At Parallel Market

Naira recorded a slight depreciation in the official market but strengthened on the parallel (black) market.

According to data published on the Central Bank of Nigeria (CBN) website, the official rate ended at N1,532/$1, slightly depreciating from the previous day’s N1,531/$1.

Recall that the currency started the week at N1,529.5/$1 on Monday before weakening to N1,530/$1 on Tuesday.
At mid-week on Wednesday, it appreciated to N1,520/$1.

The week-on-week performance in the official market showed a slight depreciation of the naira, as it closed at N1,532/$1 this week, compared to N1,528.5/$1 last week.

In the parallel market, the naira appreciated, closing at N1,550/$1 on Friday—up from N1,555/$1 on Thursday.

From Monday to Wednesday, the currency remained stable at N1,560/$1, according to Nairametrics’ market surveillance in Lagos.

Overall, the week-on-week performance in the parallel market showed an improvement, with the naira strengthening from last week’s closing rate of N1,580/$1 to N1,550/$1 this week.

Meanwhile, recently, Bureau De Change (BDC) operators under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have hinted at the possibility of mergers, acquisitions, and takeovers by their members to meet the new capital requirement set by the CBN as part of measures to sanitise the forex market.

In May 2024, the CBN increased the minimum share capital of Bureau De Change Operators to N2 billion for Tier 1 license and N500 million for Tier 2 license, as against the previous threshold of N35 million for a general license.