The naira appreciated in the official market on Thursday, closing at N1,536/$1, a 0.84% improvement from the previous close of N1,549/$1.
This comes after three consecutive days of stability in the highly volatile foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the currency traded between N1,534/$1 and N1,549.50/$1 during Thursday’s session.
In the parallel market, the naira also showed slight improvement, appreciating to N1,560/$1, from a previous close of N1,565/$1.
Against the British pound, the naira strengthened to N2,140/£1, compared to its prior close of N2,145/£1. However, it weakened against the euro, falling to N1,765/€1 from N1,760/€1.
The naira’s recent performance shows notable improvement in the foreign exchange market, surging upward after maintaining a period of stability since the week began.
Sustained efforts and strategic policy implementation from the Central Bank of Nigeria (CBN) will be crucial in achieving long-term stability.
