Nigeria’s Naira Hits Biggest Single-Day Jump Against U.S. Dollar in FX and Black Market

The naira recorded its sharpest single-day gain on Monday in both official and parallel markets.

CBN data shows reduced FX demand pushed the currency to ₦1,526 officially and ₦1,533 unofficially.

The Nigerian naira on Monday posted its strongest single-day appreciation against the dollar in Nigeria’s official and parallel currency markets.

Figures released by the Central Bank of Nigeria (CBN) indicated the naira appreciated to ₦1,526.09 per dollar, compared to ₦1,531.57 at the end of last week.

On the unofficial foreign exchange market, the currency appreciated to ₦1,533 against the dollar on Monday, compared to ₦1,543 on Friday.

A Bureau De Change operator in Abuja’s Wuse Zone 4, Abubakar Alhasan, confirmed the movement, attributing the gains to reduced demand for foreign exchange.

“The appreciation is due to low demand of FX,” he Said