The naira witnessed a mild depreciation in the official market on Thursday, closing at N1,585/$1, down from the previous close of N1,584/$1.
The slight decline comes after two consecutive days of significant improvement following the Central Bank of Nigeria’s (CBN) announcement of its latest monetary policy decision on Tuesday.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira fluctuated between N1,582/$1 and N1,588.50/$1 before settling at N1,584.95/$1 for the day.
The parallel experienced mixed movement as the naira recorded depreciation against some foreign currencies while depreciating against another.
It fell to N1,622/$1, from the previous close of N1,620/$1 and dropped to N2,145/£1 against the British pound, down from N2,140/£1.
However, it increased by 1.11% against the euro, increasing to N1,775/€1 from Wednesday’s close of N1,795/€1.
The naira movement highlights the dynamic nature of the foreign exchange market as it responds to policy decisions and market sentiments.
As the market continues to adjust to economic policies, the continuous effort of the CBN will be paramount in stabilizing the currency.
