The naira appreciated in the official market on Thursday, closing at N1,601.82/$1, a slight improvement from the previous day’s close of N1,602.30/$1.
The Nigerian currency showed signs of resilience in the official market on Thursday as it strengthened against the U.S. dollar after closing at almost the same rate for two consecutive days.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded as high as N1,607/$1 to as low as N1,599.99/$1 before settling at N1,601.82/$1 during the trading session.
According to reports from Bureau de Change operators, the naira held steady at N1,598/$1 in the parallel market, the same rate as Wednesday.
The naira also maintained its previous rate against other foreign currencies, with the British pound trading at N2,080/£1 on Thursday, while the euro also traded at N1,770/€1.
The stability in the foreign exchange market occurs amid broader economic reforms and discussions in the ongoing International Monetary Fund spring meeting, as Nigeria is on the move to renew investor confidence in the country’s foreign exchange market.
Market analysts suggest that sustained policy reforms and increased investor confidence are crucial for the naira’s long-term stability.
