On Thursday, the naira gained value on the black market, closing at N1,525/$1, up from N1,535/$1 the day before.
N1,525/$1 was the dollar buying rate, and N1,530/$1 was the dollar selling rate. The buying rate for the British pound was N2,110/£1, and the selling price was N2,135/£1. The euro had a buying price of N1,770/€1 and sold for N1,795/€1. Nonetheless, the naira saw a minor decline in value on the Nigerian Foreign Exchange Market (NFEM), closing at N1,533/$1 as opposed to N1,530/$1 on Wednesday.
According to NFEM data available to BrandSpur banking and finance news desk, during Thursday’s session, the naira fluctuated between N1,520/$1 and N1,538/$1 before levelling off at N1,533.11/$1. The growing demand pressure on the Nigerian currency is reflected in the movement of the naira on the foreign exchange market.
The stability of the naira will depend on sustained investor confidence, even though it rose in the parallel market.
