Nigeria’s naira continues to understand in opposition to greenback in black market

Nigeria’s foreign money, the naira, continued its appreciation in opposition to the greenback on the parallel overseas change market on Monday.

Change fee information shared by the Nationwide President of the Affiliation of Bureau de Change Operators, Aminu Gwadebe, confirmed that the naira strengthened to N1605 per greenback on Monday from N1610 on Friday final week.

This means that the naira gained N5 in opposition to the greenback on a day-to-day foundation.

In the meantime, on the official market, the naira dropped barely by N0.41 in opposition to the greenback to change at N1,599.95 on Monday, in comparison with N1,599.54 on the shut of final week.

The Governor of the Central Financial institution of Nigeria, Olayemi Cardoso, in his closing remarks on the 2025 IMF/World Financial institution Spring Conferences in Washington, D.C., United States of America, on the weekend, said that Nigeria’s overseas reserves have exceeded $38 billion.

“Our overseas reserves now exceed $38 billion, offering almost ten months of import cowl,” he stated.

Recall that final Friday, the naira closed in bullish territory in each the parallel and official markets.