The naira continued to strengthen against the dollar in the black market on Thursday, trading at N1,520/$1, up from N1,525/$1 at the previous close.
The Nigerian currency showed resilience, improving its value daily and also strengthening against other major currencies.
Against the British pound, the naira appreciated to N2,075/£1 from N2,080/£1, while the sell price remained unchanged at N2,100/£1. Similarly, it rose against the euro to N1,765/€1 from N1,770/€1, with the sell price easing slightly to N1,785/€1 from N1,790/€1.
In contrast, the official market recorded a decline, with the naira weakening to N1,499/$1 from the previous close of N1,494/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,487/$1 and N1,510/$1 during Thursday’s trading.
While the naira’s appreciation in the parallel market are encouraging, its drop in the official market highlights the pressure the currency faces. Analysts say that sustained stability will depend on confidence-boosting economic reforms and improved market trust.
