Naira Gains Momentum as Street Rate Outperforms Official Market

The Nigerian Naira continued its surge on Monday, demonstrating unusual strength as the parallel (street) market exchange rate actually traded stronger than the official rate—a key sign of returning stability.

This inversion—where the street rate is lower than the official rates attributed to continued dollar inflows and liquidity injections in the Nigerian Foreign Exchange Market (NFEM). The increased dollar supply is putting downward pressure on the US Dollar, narrowing the gap and boosting confidence in the Naira’s recovery.