The naira weakened in the parallel market on Thursday, closing the day’s trading at N1,525/$1, a decline from its previous close of N1,520/$1.
The currency recorded a mixed performance across major foreign currencies. It held steady against the British pound, buying at N2,100/£1, the same as the previous day, while selling at N2,120/£1.
Against the euro, the naira depreciated, as the euro was bought at N1,765/€1, down from N1,745/€1, and sold for N1,1790/€1, compared to the previous N1,770/€1.
In the official market, the naira remained relatively stable, closing at N1,535/$1, nearly unchanged from the previous rate of N1,535.62/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuated between N1,533.50/$1 and N1,533.45/$1 during Thursday’s trading.
As the naira’s movement against the dollar continues to reflect ongoing fluctuations in the foreign exchange market, sustained policy reforms and improved market confidence will be key to ensuring long-term stability in the market.
