The naira maintained its last close rate in the official market on Thursday, as it closed at N1,549/$1, the same as its previous rate.
Amid ongoing demand pressure in the foreign exchange market leading to the naira’s fluctuation, the currency stability in the market on Thursday offered a momentary breather for businesses and individuals impacted by exchange rate fluctuations.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,546/$1 and N1,553.99/$1 during Thursday’s trading session.
In the parallel market, the naira fell from the rate it held for two consecutive days as it closed at N1,600/$1 on Thursday, falling from its momentary stability in the parallel market.
However, it held its rate against the British pound, closing at N2,140/£1 the same as its last close. While, it declined against the euro to N1,775/€1, from N1,770/€1.
The naira’s relative stability in the foreign exchange market reflects the impact of targeted monetary interventions, signaling an optimistic outlook for the Nigerian currency.
