The naira appreciated in the black market on Thursday, closing at N1,525/$1, up from N1,535/$1 the previous day.
The dollar buying rate stood at N1,525/$1, while selling was at N1,530/$1. For the British pound, the buying rate was N2,110/£1, while it sold for N2,135/£1. The euro sold at N1,795/€1, with a buying price of N1,770/€1.
However, in the Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, closing at N1,533/$1, compared to N1,530/$1 on Wednesday.
NFEM data showed the naira traded between N1,520/$1 and N1,538/$1 during Thursday’s session before settling at N1,533.11/$1.
The naira movement in the foreign exchange market reflects a rising demand pressure on the Nigerian currency.
Although it appreciated in the parallel market, sustained investor confidence will be crucial to the naira’s stability.
