The naira has recorded a major boost against the US dollar in the parallel (black) market, reaching its strongest level in 15 months.

On Wednesday, the local currency traded at ₦1,490 per dollar, appreciating by ₦30 from Tuesday’s rate of ₦1,520.

Abubakar Alhasan, a Bureau De Change operator in Wuse Zone, Abuja, confirmed the development to DAILY POST.

“We buy at ₦1,480 and sell at ₦1,490 on Wednesday due to lower FX demand,” Alhasan explained.

This marks the first time since June 2024 that the naira has traded at such levels in the black market.

However, the official exchange rate showed a slight dip. According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,488.56 per dollar, compared to ₦1,487.37 on Tuesday.

The narrowing gap between the official and parallel markets—now standing at just 1.44—is seen as a positive sign for currency stability.

Analysts say the recent appreciation was influenced by the CBN’s decision on Tuesday to cut interest rates by 50 basis points to 27 percent, which bolstered market confidence and eased pressure on the foreign exchange demand side.

With the naira regaining strength, traders and investors are watching closely to see if the momentum can be sustained in the coming weeks.