The naira depreciated to N1,538.66/$1 in the official market on Thursday, weakening slightly from N1,537.62/$1 recorded the previous day.
During Thursday’s trading session, the Nigerian Foreign Exchange Market (NFEM) witnessed a slight increase in demand for foreign currency, exerting pressure on the naira. The exchange rate fluctuated between N1,535/$1 and N1,540/$1 before settling at N1,538.66/$1.
In the parallel market, the naira also declined, trading at N1,555/$1, a 0.32% drop from N1,550/$1 on Wednesday.
Against other major currencies, the naira continued to weaken. It depreciated by 0.25% against the British pound to N1,995/£1 (from N1,990/£1) and by 0.30% against the euro to N1,665/€1 (from N1,660/€1).
Although the naira fell against the US dollar, the Central Bank of Nigeria’s ongoing reforms are designed to stabilize the foreign exchange market.
As these reforms take effect, market stability and improved Naira exchange rates are expected in the long run.
Market analysts anticipate the CBN’s commitment to supporting the Nigerian currency through strategic measures and planned interventions.
