Naira Strengthens to 1,366.23 per Dollar Officially

The Nigerian naira strengthened against the U.S. dollar in the official foreign exchange market on Friday, March 14, continuing a rally that began earlier in the week, while it held steady in the parallel market. According to data from the Central Bank of Nigeria, the official rate improved to 1,366.23 naira per dollar, a daily gain of 5.28 naira from Thursday's close of 1,371.51. This marked the fourth consecutive day of appreciation in the regulated market, with the currency strengthening by a cumulative 35.17 naira since trading on Tuesday, March 10.

The week's gains reflect sustained activity and improved foreign exchange supply in the official window. Trading began on Monday at 1,405.62 naira per dollar, followed by a slight improvement to 1,401.40 on Tuesday and further progress to 1,376.19 on Wednesday. By Thursday, the rate had reached 1,371.51, setting the stage for Friday's close. Central Bank officials attributed the stability to ongoing interventions, including forex allocations that have helped clear backlogs and bolster market confidence.

In contrast, the parallel market, often referred to as the black market, remained unchanged at 1,440 naira per dollar on Friday,...