The naira closed at N1,599/$1 in the official market on Thursday, a depreciation from the previous day’s rate of N1,597/$1.
This was just after a significant improvement on Wednesday, where it fell below the N1,600/$1 mark to N1,597/$1.
According to data from the Nigeria Foreign Exchange Market (NFEM), the naira traded as high as N1,604/$1 to as low as N1,597.10/$1 during Thursday trading session, before settling at the NFEM rate of N1,599/$1.
In the parallel market, the currency held its rate against the dollar, closing at N1,630/$1 on Thursday. It declined by 0.23% against the British pound to N2,165/£1, from N2,160/£1 and fell by 0.28% against the euro to N1,815/€1, from its last cost of N1,810/€1.
The naira’s fluctuation, rising one day and falling the next day, underscores the need for sustained monetary policies and consistent efforts from the Central Bank of Nigeria to stabilise the market.
