Naira appreciates massively against US dollar in the black market, highest in 15 months.

The naira appreciated massively against the United States dollar at the parallel foreign exchange market.

Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened significantly to N1,490 per dollar on Wednesday, up from N1,520 on Tuesday.

“We buy at N1480 and sell at N1490 on Wednesday due to lower FX demand,” Alhasan confirmed.

This means that the Naira gained N30 against the dollar on a day-to-day basis.

The last time they were exchanged at this level in the black market was in June 2024.

Meanwhile, at the official market, it dropped marginally by N1.19 to N1,488.56 per dollar on Wednesday, down from N1,487.37, according to data from the Central Bank of Nigeria.

Analysing the trend at both markets, the difference between official and parallel markets has shrunk to 1.44.

Recall that on Tuesday, the Naira appreciated across official and parallel foreign exchange markets upon an interest rate cut by the apex bank by 50 basis points to 27 per cent.

Brent Crude trades near $67 as naira strengthens to N1,499/$ .

Petrol import cost hits N870/litre, diesel N999 as downstream market faces FX, crude volatility

Nigeria’s fuel import costs are climbing again as Brent crude trades near $67.44 per barrel and the naira firmed to N1,499/$, according to the latest Energy bulletin of the Major Energies Marketers Association of Nigeria (MEMAN) Competency Centre.

The report showed that despite the local currency’s modest appreciation, the Import Parity Price (IPP) of Premium Motor Spirit (PMS) rose to N870.06/litre at the NPSC/ASPAM Jetty in Apapa, above its 30-day average of N848.77/litre. Automotive Gas Oil (AGO or diesel) climbed to N999.80/litre, compared to an average of N969.09/litre, while Aviation Turbine Kerosene (ATK) increased to N980.75/litre against N905.40/litre.

According to MEMAN, the international petroleum market is being shaped by shifting supply and demand dynamics.

“U.S. crude inventories fell sharply by about 9.3 million barrels to roughly 415.4 million barrels, as net imports hit a record low due to a surge in exports.”

Gasoline stocks also declined by around 2.3 million barrels, tightening supply, while distillate inventories rose by about 4 million barrels, highlighting weaker demand in that segment,” the bulletin noted.

Alongside Brent, WTI crude traded at $63.24 per barrel, while Nigeria’s Bonny Light closed at $68.56. MEMAN added that prices eased slightly as markets weighed the U.S. inventory drawdown against the Federal Reserve’s 25-basis-point rate cut. “Geopolitical risks persist, particularly from Ukrainian drone attacks on Russian oil infrastructure, while OPEC+ confirms plans to raise output by 137,000 barrels per day starting in October as it continues to unwind earlier production cuts,” it said.

On the domestic front, the association highlighted that the naira recorded steady appreciation in the Nigerian Foreign Exchange Market (NFEM) during the first half of September. It highlighted that the naira appreciated from N1,526/$ at the start of September to N1,498.98/$ by September 18, representing a gain of 1.8 per cent. The currency peaked at N1,484.14/$ on September 16 before settling slightly weaker. The association cautioned that “given that import parity costs remain inherently sensitive to these dynamics, they are expected to experience multiple intra-day fluctuations.”

The bulletin also listed Dangote Petroleum Refinery’s latest ex-depot prices: AGO at $717.50/MT (N960.00/litre), ATK at $766.25/MT (N995.48/litre), while PMS was left “on hold.” Liquefied Petroleum Gas (LPG) was posted at N715,000/MT.

Nigerians jubilate as Naira Strengthens to Below N1,500 per Dollar for First Time Since February 2025

The Naira has recorded a major boost against the US dollar, dropping below N1,500 at the official foreign exchange market for the first time since February 2025.

Fresh data from the Central Bank of Nigeria (CBN) shows the Naira closed at N1,497.5 per dollar on Monday, improving from N1,501.5 per dollar last Friday, a gain of N4.03.

The rebound comes as Nigeria’s external reserves continue to climb, hitting $41.70 billion as of September 12, 2025. Analysts say the currency’s appreciation signals a positive outlook for the economy.

Nigerians Regaining Confidence in the Naira — CBN Governor Cardoso.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigerians are showing renewed confidence in the naira, marking a significant shift driven by ongoing monetary reforms and improved macroeconomic stability.

Speaking at the post-Monetary Policy Committee (MPC) press briefing on Tuesday in Abuja, Cardoso highlighted that recent policy measures are yielding positive results, particularly in stabilising the foreign exchange market. “Very importantly, Nigerians are having greater confidence in their own currency,” he said.

He cited a recent conversation with a travel agent who requested payment in naira instead of dollars, describing it as a sign of changing sentiment. “Those are the things that are happening across the board,” he added.

The CBN governor noted that the narrowing gap between official and parallel exchange rates, as well as growing access to Naira-denominated payment systems abroad, are signs of structural reforms, not short-term fixes.

“A lot of what you see going on now is transformational… They are here to stay,” he stressed. Cardoso also announced that all 12 MPC members voted to maintain the Monetary Policy Rate (MPR) at 27.5%, the asymmetric corridor at +500/-100 basis points, the Cash Reserve Ratio at 50% for deposit money banks and 16% for merchant banks, and the liquidity ratio at 30%.

According to him, the decision to hold all key parameters steady for a third consecutive time reflects the Bank’s intention to sustain tightening measures until inflation shows further signs of cooling.