The Naira has continued its upward trend against the dollar in the parallel foreign exchange market as of Thursday.
Abubakar Alhasan, a Bureau De Change operator in Wuse Zone 4, Abuja, reported that the Naira appreciated to N1,570 per dollar on Thursday, up from N1,575 on Wednesday. This indicates a slight gain of N5 against the dollar compared to the previous day’s exchange rate.
This marks the second consecutive day of appreciation for the Naira against the dollar in the black market this week. Over the past 48 hours, the Naira has strengthened by a total of N10 against the dollar.
In contrast, the Central Bank of Nigeria has not yet updated its foreign exchange data for Thursday, February 13, 2025, on its website at the time of this report. However, on Wednesday, the Naira closed at N1,504.30 per dollar.
This development coincides with Nigeria’s anticipation of the release of January 2025’s inflation data, which is expected in mid-February. In December 2024, the country’s inflation rate increased to 34.80 percent
