The naira held its ground in the black market on Thursday, closing at N1,490/$1, maintaining its previous day rate.
This is a consolidation of the currency’s stability after strengthening consecutively, closing higher than previous day’s close. Analysts attribute the improvement largely to the Central Bank of Nigeria’s (CBN) support and recent economic policies.
Also, it strengthened against the British pound, appreciating to N2,060/£1 from N2,070/£1, while the selling price declined to N2,080/£1 from prior close of N2,090/£1.
In contrast, the Nigerian currency fell against the euro during Thursday’s trading session to N1,760/€1 from the prior rate of N1,755/€1, with the sell price maintaining its rate at N1,775/€1.
However, in the official Nigerian Foreign Exchange Market (NFEM), the naira strengthened slightly to close at N1,488/$1, compared to the previous day’s rate of N1,489/$1.
Market data showed the currency fluctuated between N1,485/$1 and N1,491.99/$1 during the day’s trading.
The naira’s mixed performance followed the Monetary Policy Committee (MPC) meeting on Tuesday, where the CBN outlined measures aimed at curbing inflation, maintaining price stability and strengthening the financial sector.
