The Nigerian naira experienced a modest appreciation in the foreign exchange market, closing at ₦1,530.52 per US dollar on Wednesday, March 19, 2025. This marks a 0.16% increase from the previous trading session’s rate of ₦1,532.93 per dollar.
Data from the Central Bank of Nigeria (CBN) indicates that during the trading session, the naira reached a high of ₦1,545 per dollar and a low of ₦1,500 per dollar, reflecting a narrower trading range compared to the previous day.
In the parallel market, the naira remained stable at ₦1,585 per dollar, as reported by CardinalStone Research. This stability has contributed to a reduction in the gap between the official and parallel market rates, narrowing to approximately 3.07% from 3.40% earlier in the week.
Analysts suggest that this appreciation and narrowing of the exchange rate gap may be attributed to structural reforms and increased foreign exchange inflows, which have bolstered market confidence and stability.
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