The Naira appreciated slightly to N1,550 per dollar in the parallel market on Friday, gaining ₦5 from N1,555/$ recorded the previous day.

Conversely, in the Nigerian Foreign Exchange Market, the local currency depreciated by ₦1, falling to N1,532 per dollar from N1,531/$, according to figures released by the Central Bank of Nigeria.

This development narrowed the gap between the official and parallel market rates to ₦18, compared to ₦24 the previous day.

Despite fluctuations, the Naira traded within the N1,500/$ range across both markets throughout the week.

While it lost ₦2.5 in the parallel market, it gained ₦15 at the official window from a starting rate of N1,565/$.

Analysts credit the relative stability to the CBN’s consistent interventions in the FX market.

In its 2025 mid-year review, Afrinvest West Africa Limited noted, “The only major positive surprise to our projections has been the exchange rate. Contrary to our initial average projection of N1,804.45/$ for the year, the CBN has successfully stabilised the Naira between N1,550.10/$ and N1,620/$.”

They attributed this to “improved market transparency, tech-driven trading, strategic FX interventions, higher OMO yields, reduced FX demand for energy imports—thanks to Dangote Refinery and suppression of speculative trading.”

Afrinvest has now revised its 2025 average exchange rate forecast to N1,577.25 per dollar.