Naira Appreciates Against US Dollar In Parallel Market

The Naira experienced an appreciation on Wednesday, rising to ₦1,630 per dollar in the parallel market, up from ₦1,640 per dollar on Tuesday.

The Naira also strengthened in the official foreign exchange market, reaching ₦1,507 per dollar.

According to data released by the Central Bank of Nigeria (CBN), the exchange rate in the Nigerian Foreign Exchange Market (NFEM) decreased to ₦1,507.3 per dollar from ₦1,520 per dollar on Tuesday, reflecting an appreciation of ₦12.7 for the Naira.

As a result, the gap between the parallel market rate and the NFEM rate increased to ₦122.7 per dollar, compared to ₦120 per dollar on Tuesday.

Meanwhile, the typical retail cost of refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG), commonly called cooking gas, decreased by 13.3 per cent.

Naija News understands that the price of cooking gas, based on a month-to-month (MoM) basis, fell to ₦16,250 in January 2025 from ₦18,750 in December 2024.

Findings revealed that the price of 1kg of gas also reduced by 13.3 per cent, dropping to ₦1,300 from ₦1,500.

A survey of various accredited gas plants by journalists indicated that a kg was offered at ₦1,250 in some locations, while others were selling it for ₦1,400 per kg.

The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Olatunbosun Oladapo, recently spoke with Vanguard on the development.