Naira on Wednesday – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Wed, 19 Mar 2025 21:51:46 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Naira on Wednesday – Tech | Business | Economy https://techeconomy.ng 32 32 Naira Strengthens Slightly, Closes at N1,530/$1 https://techeconomy.ng/naira-strengthens-slightly-closes-at-n1530-1/ https://techeconomy.ng/naira-strengthens-slightly-closes-at-n1530-1/#respond Thu, 20 Mar 2025 05:00:34 +0000 https://techeconomy.ng/?p=155204 The naira gained 0.15% against the US dollar on Wednesday, closing at N1,530.52/$1, up from N1,532.93/$1 on Tuesday.

The currency had started the week on a downward trend, closing at N1,528.03/$1 on Monday after erasing Friday’s profits. It then weakened further on Tuesday before making a slight recovery on Wednesday.

Trading in the Nigerian Foreign Exchange Market (NAFEM) saw high demand pressure, prompting the Central Bank of Nigeria (CBN) to intervene by selling $38.65 million at rates between N1,500/$1 and N1,525/$1 to stabilise the market.

In the parallel market, the naira gained 0.31% against the dollar, closing at N1,575/$1, up from N1,580/$1 on Tuesday. However, it weakened against other currencies, falling 0.24% against the British pound to N2,015/£1 and dropping 0.29% against the euro to N1,675/€1.

The CBN’s intervention helped stabilise the naira, and analysts expect the apex bank to maintain its support in the coming days.

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