The Naira continued its upward trend yesterday, appreciating to N1,595 per dollar in the parallel market, a gain from N1,610 per dollar recorded on Monday.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
This marks a N45 week-on-week (WoW) appreciation, compared to N1,640 per dollar last Tuesday.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable at N1,499 per dollar but still recorded a N27.3 WoW appreciation, improving from N1,526.3 per dollar last Tuesday.
As a result, the exchange rate gap between the parallel market and NFEM narrowed to N96 per dollar, down from N113.7 per dollar the previous week.
The Naira has been gaining strength since January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar a day earlier. In the official market, it also improved to N1,548 per dollar on the same day from N1,553 per dollar on January 22nd.
Currency traders attributed the Naira’s recovery to weaker dollar demand, particularly due to the Chinese New Year holiday, which has slowed forex transactions. Additionally, banks have begun honoring Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) requests, a shift from previous reluctance to fulfill such forex demands.
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