The cost of one dollar, which peaked at N1,310 last week has nosedived, resulting in naira appreciation at the parallel market, also known as black market.

Naira on Thursday gained 2.56 percent as the dollar traded for N1,140 as against N1,170 on Wednesday on the black market segment of the foreign exchange (FX) market.

Traders attributed the naira appreciation to some government-announced policies, which has put speculators into an uncertain state.

Nigeria’s government plans to digitalise FX transactions and discourage speculative demands and hoarding of FX in cash.

Read also Naira gains at official, steadies at N1,170 on black market

Also, the Central Bank of Nigeria (CBN) has cleared about 75 percent to 80 percent of unsettled matured FX forward contracts in banks.

The pressure on the foreign exchange market eased on Tuesday and Wednesday as naira appreciated against the dollar at the official market.

After trading on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), naira strengthened further by 3.59 percent and 17.96 percent on Tuesday.

The dollar was quoted at N786.02 on Wednesday, stronger than N815.32, on Tuesday which also was stronger than N993.82 quoted on Monday, according to the data obtained from the FMDQ.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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