The naira continued its downward slide on Wednesday, closing at N1,537.62/$1 in the official market — a 0.33% drop from its previous close of N1,532.59/$1.
Data from the Nigerian Foreign Exchange Market (NAFEM) showed that the naira traded within a band of N1,528/$1 to N1,541/$1 during the day before settling at its final rate.
The continued decline is largely attributed to sustained demand for foreign exchange, which has kept pressure on the local currency.
Interestingly, the naira recorded slight gains in the parallel market, where it closed at N1,550/$1, an improvement from N1,565/$1 on Tuesday.
The positive momentum extended to other foreign currencies: it appreciated by 0.50% against the British pound to close at N1,990/£1, up from N2,000/£1, and gained 0.60% against the euro, ending at N1,660/€1, compared to N1,670/€1 the previous day.
Despite its official market depreciation, analysts say the naira is showing signs of resilience. Last week’s brief period of relative stability suggests ongoing efforts to curb volatility amid persistent FX demand.
Market watchers expect the Central Bank of Nigeria (CBN) to continue interventions aimed at stabilizing the currency, particularly as structural reforms and liquidity measures begin to take shape.
