The naira gained 0.15% against the US dollar on Wednesday, closing at N1,530.52/$1, up from N1,532.93/$1 on Tuesday.
The currency had started the week on a downward trend, closing at N1,528.03/$1 on Monday after erasing Friday’s profits. It then weakened further on Tuesday before making a slight recovery on Wednesday.
Trading in the Nigerian Foreign Exchange Market (NAFEM) saw high demand pressure, prompting the Central Bank of Nigeria (CBN) to intervene by selling $38.65 million at rates between N1,500/$1 and N1,525/$1 to stabilise the market.
In the parallel market, the naira gained 0.31% against the dollar, closing at N1,575/$1, up from N1,580/$1 on Tuesday. However, it weakened against other currencies, falling 0.24% against the British pound to N2,015/£1 and dropping 0.29% against the euro to N1,675/€1.
The CBN’s intervention helped stabilise the naira, and analysts expect the apex bank to maintain its support in the coming days.
