On Thursday, the naira closed at N1,526/$1, unchanged from the official market’s rate the day before, maintaining its value relative to the US dollar.
Despite strong demand for foreign exchange, the currency continued a week-long trend of relative stability, fluctuating between N1,524.50/$1 and N1,527.50/$1 during the day, according to trading data from the Nigerian Foreign Exchange Market (NFEM). Outside the official market, the naira also slightly improved in the parallel market, rising from its previous close of N1,560/$1 to N1,555/$1.
Additionally, the value of the currency increased against the euro, trading at N1,780/€1 as opposed to N1,785/€1 earlier, and strengthened against the British pound, rising to N2,140/£1 from N2,145/£1. Given that the recorded gains over multiple trading sessions reflect increased market confidence, the naira’s performance this week demonstrates stability and resilience.
BrandSpur banking and finance news desk reports that achieving long-term stability will require persistent work and the strategic application of policies.
