The naira appreciated in the official market on Thursday, closing at N1,591.85/$1, a 2.34% improvement from the previous day’s close of N1,629.94/$1.
The Nigerian Foreign Exchange Market (NFEM) remained active amid persistent demand pressure. However, the Central Bank of Nigeria (CBN) intervened by selling $135.45 million at rates ranging from N1,500/$1 to N1,636/$1 to help stabilise the market.
During Thursday’s trading session, the exchange rate fluctuated between N1,500/$1 and N1,636/$1 — a spread of N136 — highlighting the continued volatility and strong demand for the dollar.
In the parallel market, the naira remained relatively stable against other major currencies. It held steady at N2,020/£1 against the British pound and N1,680/€1 against the euro. Against the US dollar, it maintained its previous rate of N1,620/$1.
The foreign exchange market continues to face significant pressure amid surging demand for foreign currencies. Market watchers anticipate further interventions by the CBN as it works to restore stability.
