Naira strengthens against Dollar at black market

The Nigerian Naira continued to strengthen against major foreign currencies in the parallel market on Saturday, February 15, 2025. However, more than 16 hours after the market closed, the Central Bank of Nigeria (CBN) had yet to update the official exchange rates. In the black market, the Naira appreciated by ₦5 against the US dollar, trading at ₦1,565/$1, compared to ₦1,570/$1 the previous day. The official exchange rate from the apex bank remained at ₦1,507.88/$1, with no updated FX data available for February 14, 2025, as of 8:31 AM on Saturday. READ ALSO: 8 effective tactics to protect your naira from inflation Against the British Pound, the Naira also gained N5, trading at ₦1,980/£1, up from ₦1,985/£1 the previous day. The exchange rate for the Canadian Dollar remained unchanged at ₦1,200/CA$1. READ ALSO: Smart ways to manage your finances during Naira fluctuations Similarly, the Naira strengthened by N5 against the Euro, trading at ₦1,610/€1, compared to ₦1,615/€1 the day before. Since December 2024, the Naira has experienced relative stability against the dollar, thanks to ongoing reforms by the Central Bank of Nigeria (CBN).  These reforms aim to improve transparency in the foreign exchange market and strengthen the role of Bureau de Change (BDC) operators at the retail end of the FX market. Experts believe that if these measures continue, the Naira could see further stability in the coming months, boosting investor confidence and improving access to foreign exchange for businesses and individuals. RELATED: 10 proven strategies to build wealth as a salary earner in Nigeria