The Naira gains against dollar at official market on Thursday, recovering slightly just 24 hours after recording a decline across markets.
According to data from the Central Bank of Nigeria, the local currency traded at N1,383.88 per dollar. This marks an improvement from N1,386.71 recorded on Wednesday in the official foreign exchange window.
The latest figures show that the Naira strengthened by N2.83 against the dollar on a day-to-day basis. Consequently, this marginal gain suggests a brief return of stability within the official foreign exchange market.
However, analysts continue to monitor fluctuations closely as the currency remains sensitive to liquidity pressures and external economic factors. Therefore, sustained improvement will depend largely on consistent forex supply and policy direction.
Black Market Rate Remains Unchanged
Meanwhile, the Naira gains against dollar at official market did not reflect in the parallel market segment. The black market rate remained unchanged at N1,420 per dollar on Thursday.
Notably, this flat performance indicates persistent demand pressure in the informal market, despite slight gains recorded within the official window.
Recall that the Naira weakened across both official and parallel markets on Wednesday amid declining external reserves. Data showed that Nigeria’s foreign reserves dropped to $49.53 billion from $49.57 billion recorded a day earlier.
This decline raised concerns about the country’s ability to sustain forex interventions and stabilise the currency over time. As a result, market participants remain cautious about future movements.
the Naira gains against dollar at official market reflects a modest recovery following recent losses. Nevertheless, broader market stability will depend on reserve strength, policy consistency, and improved foreign exchange inflows.
