The Naira has continued to extend its week-long appreciation stretch across official and parallel foreign exchange markets following the Sallah holidays.
Naijaonpoint reports that the naira appreciated to N1605/$1 in the parallel market on Thursday, ahead of Sallah, from N1610/$1 the currency traded at on Wednesday.
The Federal Government had officially declared Friday, June 6, and Monday, June 9, 2025, as public holidays across Nigeria to commemorate the Eid-ul-Adha.
Data from the Central Bank of Nigeria’s (CBN) website shows that the currency closed at N1,540/$1 – the first day of trading on Tuesday, up from N1,551/$1 on Thursday.
The data further shows that the naira closed at N1,564/$1 on Wednesday, an appreciation from N1,579/$1 on Tuesday and N1,580/$1 on Monday, effectively completing a week-long appreciation rally.
Similarly, data from Naijaonpoint sources from BDC operators in Lagos shows a similar pattern.
Naijaonpoint data shows the currency stabilized between N1600-N1610/$1 during the period. According to Naijaonpoint sources, the currency traded at N1600/$1 on Tuesday, which is an appreciation from N1605/$1 on Thursday and N1610/$1 on Wednesday.
Naijaonpoint data shows that the naira traded at N2,145.00/£1 on Tuesday, showing an increase from N2,160.00/£1 on Thursday.
The naira’s performance after the Sallah holidays stands in contrast to the trend observed after the Easter holidays in April 2025.
Analysts say the currency’s recent gains reflect growing investor confidence and an improved foreign exchange (FX) supply environment.
The continued convergence of rates in both the official and parallel markets suggests a narrowing gap between the two, pointing to improved market alignment.