The naira held steady at its previous rate in the parallel market on Wednesday, closing at N1,520/$1, the same as the previous day’s close.
Trading against other foreign currencies in the parallel market, the naira stood at N2,100/£1 against the British pound, while it sold for N2,125/£1. The naira appreciated against the euro, as the buy price fell to N1,745/€1 while it sold for N1,770/€1.
In the official market, the naira settled at the NFEM rate of N1,535.62/$1, as demand for foreign currency eased, reducing pressure on the local unit compared to the previous day’s close of N1,535/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,530/$1 and N1,537.55/$1 during the day’s trading.
The naira’s stability in the market offers a moment of relief to businesses, exporters, and individuals who rely on the parallel market for foreign exchange, encouraging more trade activity and enhancing investor confidence.
However, the stability of the Nigerian currency still hinges on the Central Bank of Nigeria’s (CBN) continued policy interventions.
