The naira showed a modest appreciation in the Nigerian Foreign Exchange Market, closing at 1530.52 per dollar, a 0.16% improvement from the previous session’s rate of 1532.93 per dollar. Data from the Central Bank of Nigeria indicates that the currency fluctuated, reaching as high as 1545 per dollar and dipping to a low of 1500 per dollar during trading on Wednesday.
In the parallel market, the naira remained stable at 1585.00 per dollar, according to CardinalStone Research. This stability has resulted in a narrowed gap between the official and parallel market rates, now at 3.07%, down from 3.40% at the start of the week.
Despite minor depreciation, analysts suggest that the foreign exchange market is moving towards stabilisation, attributed to structural reforms and increased foreign exchange inflows. This development is seen as a positive step for Nigeria’s economic outlook amidst ongoing currency challenges.
Source: Read more