Naira rises to N1,485 on black market on improved dollar liquidity

The naira rose to N1,485 on the black market following improved dollar liquidity as foreign exchange policies support the naira.

This represents N15 gain over N1,500 per dollar quoted on the previous day in the parallel market also known as black market.

At the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated as the dollar was quoted at N1,497.11 on Monday as against the previous close of N1,500.73, data from the FMDQ Securities Exchange Limited showed.

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With the current rate exchange rate ga p has narrowed to N12 per dollar.

The CBN, through its various foreign exchange (FX) policies has achieved exchange convergence in the market. The official and parallel-market exchange rates for the naira converged for the first time in nearly two years on last week, according to data tracked by BusinessDay.

Olayemi Cardoso explained that ⁠following positive developments in the FX market, the CBN’s focus on boosting liquidity and maintaining transparency in forex operations is sacrosanct.

Hope Moses-Ashike

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.