Naira strengthens to N1,599.33 in black market

Naira stability continued on Monday across the foreign exchange (FX) market, fuelled by a reduction in the demand for the dollar and various policies from the Central Bank of Nigeria (CBN).

By the close of trading on Monday, the naira saw a 1.3 percent increase, with the dollar being quoted at an average rate of N1,599.33. This marked a N20.67 gain over the N1,620 rate recorded on Friday at the parallel market, commonly referred to as the black market.

While some areas recorded the naira trading at N1,610, other areas saw rates of N1,605 and N1,583, depending on where black-market operators were active.

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On the official FX market, the naira rose to its highest level in eight months, reaching N1,474.78/$ as of Friday, with demand for the dollar easing due to a series of fiscal and monetary policies enacted by the government.

On June 3, 2024, the naira was valued at N1,485.99/$ in the Nigerian Foreign Exchange Market (NFEM). The currency’s stronger position today after eight months can be attributed to several factors, including increased local petrol refining capacity, greater dollar inflows, and the CBN’s effective policy measures over the past 17 months.

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.