The Naira has continued to extend its week-long appreciation stretch across official and parallel foreign exchange markets following the Sallah holidays.
Nairametrics reports that the naira appreciated to N1605/$1 in the parallel market on Thursday, ahead of Sallah, from N1610/$1 the currency traded at on Wednesday.
The Federal Government had officially declared Friday, June 6, and Monday, June 9, 2025, as public holidays across Nigeria to commemorate the Eid-ul-Adha.
Data from the Central Bank of Nigeria’s (CBN) website shows that the currency closed at N1,540/$1 – the first day of trading on Tuesday, up from N1,551/$1 on Thursday.
The data further shows that the naira closed at N1,564/$1 on Wednesday, which is an appreciation from N1,579/$1 on Tuesday and N1,580/$1 on Monday, effectively completing a week-long appreciation rally from last week.
Similarly, data from Nairametrics sources from BDC operators in Lagos shows a similar pattern.
Nairametrics data shows the currency stabilized between N1600-N1610/$1 during the period. According to Nairametrics sources, the currency traded at N1600/$1 on Tuesday, which is an appreciation from N1605/$1 on Thursday and N1610/$1 on Wednesday.
Performance against other major currencies
Nairametrics data shows that the naira traded at N2,145.00/£1 on Tuesday, showing an increase from N2,160.00/£1 on Thursday.
- The naira started the week against the British Pounds Sterling at N2,175.00/£1 before appreciating to N2,165.00/£1 on Tuesday. However, the naira depreciated to N2,210.00/£1 on Wednesday.
- The naira also showed a similar pattern against the Euro during the week; Currently, Nairametrics 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 compiled by Nairametrics.
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.
