The naira extended its appreciation against the United States dollar in the Nigerian Foreign Exchange Market (NFEM) and also in the black market.

Data from the Central Bank of Nigeria showed that in the NFEM, which is the official market, the naira closed at N1,533.29/$1 on Tuesday, July 29.

Tuesday's exchange rate is a slight N1.10 or 0.07% appreciation for the naira when compared to the closing rate of N1,534.20 recorded in the official market on Monday.

The naira also appreciated further against the pound sterling in the official market during the session by N17.78 to settle at N2,041.59/£1.

It was the same for the naira against the euro, as it appreciated to sell for N1,766.84/€1 versus the N1,786.74/€1 it was transacted a day earlier.

Naira improves against dollar at black market

In the parallel market, also known as the black market, it was the same story for the naira against major foreign currencies.

According to Abudulahhi, a BDC trader, the naira weakened slightly as demand for foreign exchange remained strong.

"We bought the dollar at N1,540 and sold at N1,550 on Tuesday

"For other currencies, the euro was exchanged between N1,770 and N1,785, while the pound traded between N2,080 and N2,100."

Snapshot of naira rates in official market

Based on CBN published rates, here is a breakdown of naira's performance against other foreign currencies in the NAFEM market.

-CFA: N2.72

-Yuan/Renminbi: N213.55

-Danish Krone: N236.79

-Euro: N1,766.84

-Japanese Yen: N10.31

-Saudi Riyal: N408.75

-South African Rand: N85.29

-Swiss Franc: N1,898.21

-Pound Sterling: N2,041.59

IMF positive about Nigerian economy

The International Monetary Fund (IMF) has reviewed Nigeria’s 2025 economic growth forecast to 3.4%, from the 3.0% projection in its April 2025 World Economic Outlook (WEO).

The global lender signals renewed optimism about Nigeria’s near-term economic prospects despite global uncertainties and domestic macroeconomic challenges, adding that the upgrade is driven by more favourable financial conditions, a temporary easing in tariff pressures, and resilient trade activity.