Naira hits uniform rate of N1,510/$ for the first time in two years

BUSINESS DAY NG

The official and parallel-market exchange rates for the naira converged for the first time in nearly two years on Thursday, according to data tracked by BusinessDay.

The naira was quoted at N1,510 at the parallel market on Thursday, at par with the official closing rate of N1,510/$ on Wednesday.

The last time both rates were at par was in June 2023.

The exchnage rate crashed in the black market after the Central Bank of Nigeria (CBN) extended its dollar sales to Bureau De Change Operators (BDCs) till May 30 2025. The apex bank also retained its benchmark interest rate at 27.5 percent on Thursday.

The current rate in the black market brings the naira’s year to date gain to N155/$ or 10.3 percent, compared to N1,665 quoted at the beginning of the year, according to data from street traders and online platforms that collate foreign exchange (FX) data…