- The Naira appreciated by N45 against the dollar in the parallel market, reaching N1,565/$1 on Friday, February 7, 2025
- This appreciation follows reforms by the CBN aimed at effectively implementing its newly introduced FX code
The naira appreciated by N45 against the dollar at the parallel foreign exchange market over the weekend, based on a week-on-week analysis.
A review of FX trade at the black market from Monday, February 3, 2025, to Friday, February 7, showed that the naira gained N40, rising to N1,565 per dollar from N1,610.
The naira also firmed up against other foreign currencies in the FX black market during the period under review.
This development follows recent reforms by the Central Bank of Nigeria (CBN), which has been working towards the effective implementation of its newly introduced FX code.