The Nigerian currency strengthened on Tuesday, appreciating to N1,382 per dollar in the parallel market from N1,387 recorded on Monday.

In the official window, the naira also gained, closing at N1,362 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data from the Central Bank of Nigeria showed that the indicative exchange rate improved from N1,367.5 per dollar on Monday to N1,362, representing a N5.5 appreciation.

Despite the gains, the gap between the parallel market and the official window widened slightly to N20 per dollar, up from N19.5 recorded the previous day.

Meanwhile, activity in the interbank foreign exchange market increased, with turnover rising by 19.4 per cent to $71.6 million from $59.93 million on Monday.

The post Naira Appreciates Across Markets, Gap Widens Slightly appeared first on Housing TV Africa.

The Nigerian currency strengthened across both official and parallel markets on Wednesday, posting notable gains against the United States dollar despite a widening spread between the two segments.

At the parallel market, the naira appreciated to N1,392 per dollar, improving from N1,396 recorded on Tuesday, reflecting sustained demand management and improved market sentiment.

Similarly, at the Nigerian Foreign Exchange Market (NFEM), the currency strengthened to N1,369 per dollar.

Data released by the Central Bank of Nigeria showed that the indicative exchange rate fell from N1,389 per dollar on Tuesday to N1,369, indicating a N20 appreciation for the local currency at the official window.

However, despite the gains recorded across both markets, the gap between the parallel and official exchange rates widened significantly to N23 per dollar, compared to N5 recorded the previous day.

Analysts say the widening spread may reflect underlying liquidity pressures and persistent segmentation in the foreign exchange market, even as recent policy measures continue to support relative stability in the naira.

The development underscores the complex dynamics shaping Nigeria’s foreign exchange market, where short-term currency gains often coexist with structural imbalances between official and informal trading segments.

The post Naira Appreciates to N1,369/$ at Official Market, Gap Widens appeared first on Housing TV Africa.

The Nigerian Naira posted modest gains against the Euro over the past week, reflecting improving stability in the foreign exchange market.

Latest figures from the Central Bank of Nigeria showed the local currency closed at ₦1,591.5 per Euro, strengthening from its weekly low of ₦1,599/€.

The movement signals a gradual upward trend for the Naira against the European currency.

Shift From Volatility to Structured Recovery

Analysts say the Naira is undergoing a structural shift in the forex market.

The currency has moved from a “free-fall” phase to what traders describe as a descending channel—a technical pattern indicating strengthening momentum as the Euro weakens against the Naira.

This development reflects improved market sentiment and increased confidence in recent monetary and fiscal reforms.

Outlook Upgraded to Marginally Bullish

Recent price movements have led to an upgrade in the Naira’s outlook against the Euro—from neutral to marginally bullish.

However, the Euro recorded a slight rebound after the Naira hit a quarterly high of ₦1,586/€ on April 2, suggesting short-term fluctuations may persist.

Currency models also indicate that the Naira remains undervalued in the long term, pointing to further appreciation potential if current economic reforms are sustained.

Economic Reforms Driving Confidence

Experts link the improved outlook to ongoing fiscal and monetary adjustments aimed at stabilising Nigeria’s economy.

If reform momentum continues, analysts expect gradual strengthening of the Naira in the second quarter of the year.

Risks Remain Ahead of Election Cycle

Despite the positive trend, concerns persist over potential risks that could pressure the currency.

Key factors include:
• Rising government expenditure
• Expanding fiscal deficit
• Possible decline in crude oil production

These challenges, especially in a pre-election period, could influence investor confidence and exchange rate stability.

Nigeria Expands Trade Links with Europe

Meanwhile, Nigeria is strengthening its economic ties with Europe, particularly in the energy sector.

The country has emerged as an alternative supplier of aviation fuel to European markets, partly due to disruptions in Middle Eastern supply chains.

A recent export shipment from the Dangote Petroleum Refinery to the United Kingdom highlights Europe’s growing reliance on West African refining capacity.

While short-term fluctuations remain, the Naira’s recent performance against the Euro signals improving fundamentals.

Sustained reforms, stable oil revenues, and stronger trade relationships could further support the currency’s recovery trajectory.

The post Naira Strengthens Against Euro, Shows Signs of Stability in Forex Market appeared first on Housing TV Africa.

The Naira ended the week on a slightly weaker note, depreciating by N2.60 against the United States dollar to close at N1,450.42/$ on Friday at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed that the currency dipped by 0.17 per cent compared to Thursday’s closing rate of N1,447.82/$, extending a trend of modest fluctuations recorded throughout the week.

On Wednesday, the local currency traded at N1,447.64/$, a 0.1 per cent decline driven by sustained demand pressure and limited dollar supply in the official window. The depreciation continued a series of mild movements that began earlier in the week when the Naira exchanged at N1,445.39/$ on Tuesday, weaker than Monday’s N1,448.43/$.

Market analysts say the week’s trading pattern highlights the fragility of the official FX market, where frequent but moderate swings reflect ongoing supply constraints and seasonal demand.

The News Agency of Nigeria (NAN) reports that these modest losses have become increasingly common in recent months as the market adjusts to evolving monetary and fiscal interventions.

The post Naira Records Mild Depreciation, Closes Week at N1,450.42/$ appeared first on Housing TV Africa.