Nigeria’s Naira Gains Strength While Foreign‑Exchange Turnover Drops

The Central Bank of Nigeria reported that the naira opened Thursday at 1,369.63 per US dollar, up about N10.55 since the start of the week. It was quoted at N1,562.46 per euro and N1,832.45 per pound. Total foreign‑exchange turnover fell more than 24% to $1.163 billion, down from $1.532 billion, while the number of deals rose to 417.

In the parallel (black‑market) market, sources said the sell rate was around ₦1,415 per dollar and the buy rate about ₦1,405, compared with the official CBN rate ranging between ₦1,365 and ₦1,378. The CBN cautions that only bank‑approved channels should be used for foreign‑exchange transactions.