Naira hits one-month high, trades at N1,527/$1 in parallel market

By Seun ibiyemi

The Nigerian naira strengthened further in the parallel market on Monday, appreciating to N1,527 per US dollar, its highest level in more than a month.

Data compiled by Nairametrics showed that the latest rate represents an improvement from Friday’s close of N1,530.96/$1 and marks the best performance of the local currency since 25 July 2025, when it traded at N1,520/$1.

A review of last week’s market activity indicated a steady upward trajectory. The naira closed at N1,539/$1 on Monday, 1 September, held its ground on Tuesday, 2 September, slipped slightly to N1,538/$1 on Wednesday, then firmed to N1,535/$1 on Thursday, before ending the week at N1,530.96/$1 on Friday, 5 September.

That rally extended into the new week, with Monday’s close at N1,527/$1 reflecting renewed confidence in the currency.

In the official foreign exchange market, no figures were released for Friday due to the public holiday. However, Central Bank of Nigeria (CBN) data showed that the naira appreciated earlier in the week, trading at N1,525.45/$1 on Tuesday, N1,522/$1 on Wednesday, and N1,511.5/$1 on Thursday, one of the strongest official rates seen in recent weeks.

Analysts noted that the narrowing gap between the official and parallel market rates could point to increased FX supply and improved investor sentiment.