The naira weakened in the official market on Thursday, closing at N1,526/$1, a 0.26% decline from its previous close of N1,522/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded between N1,520/$1 and N1,531/$1 during the day’s session.
This marks the currency’s first notable decline since the beginning of the week, having maintained relative stability earlier and even recorded improvements on Wednesday.
Meanwhile, in the parallel market, the naira maintained stability against the U.S dollar, closing at N1,540/$, unchanged from the previous day.
It appreciated slightly against the British pound, rising to N2,130/£1 from N2,135/£1. Similarly, it strengthened against the euro, closing at N1,775/€1, compared to its prior rate of N1,785/€1.
The dip in the naira’s official market rate, following a period of stability, reflects the dynamic nature of the foreign exchange market.
While movements like this are not unusual, they signal the need for consistent efforts to stabilise the market.
