The naira bounced back to ₦1,560 per US dollar in the parallel (street) market on July 9, 2025, improving from ₦1,565 just a day earlier. This ₦5 gain signals a softer demand and increased dollar availability among informal traders .
Meanwhile, in the official Nigerian Foreign Exchange Market (NFEM), the naira dipped slightly, trading at ₦1,530.5/$1 — down by ₦1 from the previous session’s ₦1,529.5 . The narrowing gap between the parallel and official rates—now just ₦29.5—is a sign of converging market dynamics, possibly reflecting stabilization efforts by currency regulators .
Forex analysts suggest the modest appreciation may reflect better street-level dollar inflows and eased speculative pressures. Observers are now closely watching whether this momentum can be sustained amid ongoing economic reforms and shifting investor sentiment.
