This is a consolidation of the currency’s stability after strengthening consecutively, closing higher than previous day’s close. Analysts attribute the improvement largely to the Central Bank of Nigeria’s (CBN) support and recent economic policies.

Also, it strengthened against the British pound, appreciating to N2,060/£1 from N2,070/£1, while the selling price declined to N2,080/£1 from prior close of N2,090/£1.

In contrast, the Nigerian currency fell against the euro during Thursday’s trading session to N1,760/€1 from the prior rate of N1,755/€1, with the sell price maintaining its rate at N1,775/€1.

However, in the official Nigerian Foreign Exchange Market (NFEM), the naira strengthened slightly to close at N1,488/$1, compared to the previous day’s rate of N1,489/$1. 

Market data showed the currency fluctuated between N1,485/$1 and N1,491.99/$1 during the day’s trading.

The naira’s mixed performance followed the Monetary Policy Committee (MPC) meeting on Tuesday, where the CBN outlined measures aimed at curbing inflation, maintaining price stability and strengthening the financial sector.

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This marks a stronger close compared to the week’s opening rate, with the currency gaining 0.32% from N1,545/$1 on Monday to N1,540/$1 on Friday.

Against the British pound, the naira rose slightly to N2,090/£1 from N2,095/£1, while the sell rate stood at N2,110/£1. It, however, weakened marginally against the euro, falling to N1,770/€1 from N1,775/€1, with the sell rate easing to N1,790/€1 from N1,800/€1.

In the official market, the naira mirrored this positive trend against the U.S. dollar, closing at N1,534/$1 on Friday. Throughout the week, the official rate remained relatively stable, fluctuating between N1,533/$1 and N1,536/$1.

Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday movements on Friday ranging from N1,529.75/$1 to N1,535/$1.

The naira’s relative stability signals sustained market confidence. However, analysts note that maintaining this momentum will require consistent policy support and continued investor trust.

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With pressure increasing on local currency, the decline is a slight depreciation from N1,502/$1 recorded on Tuesday, as liquidity challenges continue.

In the parallel market, the naira weakened further, trading at N1,515/$1, a 0.66% decline from N1,505/$1 the previous day.

The gap between official and unofficial exchange rates shows the extent of supply-demand imbalances.

Data from the Nigerian Foreign Exchange Market (NAFEM) also revealed a 0.13% drop in the weekly exchange rate, with the dollar now quoted at N1,500.80/$1, compared to N1,498.98/$1 earlier in the week.

Intraday trading fluctuations saw the currency reaching a high of N1,505/$1 and a low of N1,497/$1 within the official window.

Currency movements against other foreign denominations were mixed. The naira lost 1.61% against the euro, slipping from ₦1,540/€1 on Tuesday to ₦1,570/€1. However, it recorded gains against the British pound, strengthening 1.58% to close at ₦1,860/£1, up from ₦1,890/£1.

The continued depreciation of the naira results from economic challenges, with analysts pointing to dollar shortages and speculative activities as drivers of market instability.

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