Naira hits N1,390 on black market as gap closes 2.5%

The naira strengthened sharply to N1,390 per dollar on Monday in the black market, further narrowing the gap between the parallel market and the official foreign exchange (FX) window by 2.5 percent.

Data obtained from street traders showed the naira appreciated by 2.16 percent to N1,390 on Monday morning, gaining N30 from N1,420 quoted on Friday in the parallel market.

The appreciation has reduced the exchange rate spread to N35 from N92 recorded on Wednesday last week, indicating continued convergence between the two markets.

Read also: Naira gap narrows further as BDCs await dollar supply

On Friday, the gap between the official FX market and the parallel market had already narrowed to N65 as Bureau De Change (BDC) operators prepared to access fresh dollar supply from banks following the Central Bank’s reopening of the retail FX window for the bureaus.

The naira depreciated marginally for the second time last week, slipping by N1.76 as the dollar was quoted at N1,355.42 on Friday, a loss of 0.13 percent compared to N1,353.66 recorded on Thursday at the Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria (CBN) indicated.

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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