The naira closed at N1,600/$1 on Thursday in the official market, maintaining the same rate it traded on Wednesday.
This stability reflects the consistent efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market yielding positive results.
The market was bolstered by increased dollar inflow into the country from businesses.
During the day’s trading, the naira fluctuated between N1,595/$1 and N1,603/$1, before finally closing at N1,599.94/$1.
The naira also experienced significant improvement in the parallel market as it traded at N1,585/$1, a 0.94% increase from the previous close of N1,600/$1.
However, the reverse is the case against the British pound as the naira declined by 2.36% to N2,080/£1 from the previous day’s close of N2,032/£1.
The naira also weakened against the euro, trading at N1,740/€1 on Thursday from its Wednesday rate of N1,715/€1.
The naira’s sustained momentum in the Nigerian Foreign Exchange Market (NFEM) can be attributed to the steady inflow of diaspora remittance, increased export earnings, and the continuous support of the CBN.
