As of June 5, 2025, the Nigerian naira experienced a significant appreciation against the U.S. dollar in both official and parallel markets, coinciding with the Eid al-Adha festivities.
Official Market:
The Central Bank of Nigeria reported that the naira strengthened to ₦1,553.12 per dollar on Thursday, improving from ₦1,565.46 the previous day. This marks a gain of ₦12.34, continuing a four-day upward trend from ₦1,581.58 on Monday.
Parallel Market:
In the black market, the naira appreciated by ₦23, trading at ₦1,590 per dollar on Thursday, down from ₦1,613 on Wednesday. Bureau de Change operators in Abuja confirmed buying at ₦1,585 and selling at ₦1,590.
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This appreciation is attributed to increased foreign currency inflows ahead of Eid al-Adha, as Nigerians abroad send remittances for the celebrations.
However, despite the naira’s strengthening, many Nigerians face challenges due to rising inflation. For instance, the cost of rams for the traditional Eid sacrifice has tripled in some areas, with prices starting from ₦600,000 compared to ₦200,000 the previous year.
