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NAIRA EXCHANGE RATE
News and stories about Naira exchange rate
The Naira began the week at N1,560/$ in the black market.
Currency traders have attributed the recent performance of the naira and the relative stability of the foreign exchange (forex) market to the excess dollar supply and the activities of the security agencies against forex speculators and hoarders.
The naira edged toward N1530/$ in the unofficial market at the start of the first trading session of the week.
The Naira is projected to appreciate to N1,450/$1 by the end of the year, strengthening from its current rate of N1,535.50/$1, amid improvements in fiscal and monetary conditions.
The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets.
Analysts at Optimum Global have projected that the naira will trade between N1,500 and N1,600 in the second half of 2025, assuming positive macroeconomic conditions persist.
The exchange rate closed the week with a mixed performance, as the naira recorded a slight depreciation in the official market but strengthened on the parallel (black) market.
The Naira broke the key resistance line at the black market while the greenback sank to a 3-year low in the global foreign exchange market.
The naira traded around the N1,600/$ mark on Tuesday in the unofficial market and depreciated to N1,550/$ in the Nigerian Foreign Exchange Market (NFEM).
The naira maintained its bullish momentum at the unofficial market as it cracked below the N1600/$ resistance line, while the greenback fell in the global foreign exchange market.
The Nigerian currency fell to the N2135-N2150 bandwidth against a resurging British pound Sterling, which rose to a new high against the greenback.
The Naira has ended the week with mixed performances, ending the week strong in the parallel market and depreciating in the official market on Friday.