The naira strengthened further in the official market on Thursday and closed at N1,553/$1, a 0.77% appreciation from the previous close of N1,565/$1.
According to data from the Nigeria Foreign Exchange Market (NFEM), the naira fluctuated between N1,545/$1 and N1,560/$1 during Thursday’s trading session.
The naira’s upward trajectory in the foreign exchange market was driven by recent policy interventions from the Central Bank of Nigeria and improved market sentiment since the Monetary Policy Committee (MPC) announced its decision last month.
In the parallel market, the naira maintained stability across major foreign currencies, holding its previous rate. The naira stood at N1,605/$1, the same as the previous day’s rate.
It held its prior rate against the British Pound also, closing at N2,135/£1, the euro was not left as it closed at N1,785/€1.
The naira has been on a spree of consistent improvement this month, consistently closing better than its prior day rate in the official market.
The apex bank’s increased transparency and firm foreign exchange policies aimed at curbing speculation have been pivotal in the currency’s continuous improvement.
