On this year’s Democracy Day, the Nigerian naira gave citizens one more reason to celebrate — recording a notable appreciation in the parallel foreign exchange market.
According to market data, the naira climbed to ₦1,560 per dollar today, improving from ₦1,605 recorded last week. The move reflects a consistent upward momentum, as the local currency also closed at ₦1,600 per dollar yesterday.
Meanwhile, Google's exchange rate tracker showed the naira trading at an even stronger ₦1,538/$, signaling increased optimism in Nigeria’s FX landscape.
Analysts link this appreciation to a combination of factors, including sustained Central Bank interventions, improved foreign investor confidence, and decreased pressure from import demand. The symbolic alignment with Democracy Day has also been seen as a psychological boost to national morale.
Image: Nigerians hopeful as the naira shows strength on June 12, Democracy Day.
Also read: June 12 Protest Rocks Nigeria as Youths Mobilise Against Bad Governance
Today’s market move is being welcomed as a sign of positive fiscal tightening and investor reassurance. Experts urge the government to stay consistent with reforms that promote export earnings, attract remittances, and reduce speculative activities in the FX market.
With Nigerians eager for stability, the naira’s appreciation this Democracy Day is more than a market number — it’s a reflection of hope, resilience, and a system slowly finding balance.
Related: ASUU Lecturers Threaten Boycott Over Late Salaries
📅 Posted on: June 12, 2025 | 🏷️ Labels: Naira, Forex, FX Market, Democracy Day, Nigerian Economy, NSMedia