The naira strengthened further in the official market on Wednesday, closing at N1,526/$1 a 0.26% improvement from the last close of N1,530/$1.
As the naira recorded another day of gain against the U.S dollar in the official market, this marks a continued appreciation trend that began on Monday driven by improved forex liquidity and improved market confidence.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded between N1,524/$1 and N1,532/$1 during the Wednesday trading session.
In the parallel market, it depreciated slightly from its previous rate of N1,560/$1, closing at N1,565/$1 on Wednesday.
While it also declines against the British pound to N2,145/£1 and from the prior close of N2,140/£1. Also, the naira fell against the euro to N1785/€1, from the last close of N1,775/€1.
The naira’s recent appreciation reflects ongoing market adjustment and ongoing reforms aimed at improving foreign exchange stability.
While the gains are encouraging, market participants still remain cautious as maintaining this momentum will require improved confidence in the foreign exchange market.
