The naira staged a remarkable rebound this week across both the official and parallel foreign exchange (FX) markets, showing signs of renewed strength.
According to data from the Central Bank of Nigeria (CBN), “the currency closed on Friday at N1,488/$1, an improvement from N1,490/$1 recorded on Thursday.”
At the official window, the naira opened trading on Monday at N1,495/$1, firmed up slightly to N1,485.05/$1 on Tuesday, dipped to N1,498/$1 on Wednesday, before bouncing back to N1,490/$1 on Thursday.
When compared to last week’s closing figure of N1,503.5/$1, “the naira showed a marginal gain, signaling cautious optimism among traders and market watchers.”
Nairametrics reported that “the local currency hit a five-month high of N1,497.5/$1 at the first trading session of the week in the official market,” a performance supported by improved FX liquidity and reduced demand pressure.
The parallel market also reflected this positive momentum. “On Friday, the naira traded at N1,520/$1, a sharp gain from N1,530.5/$1 on Thursday and N1,537/$1 on Wednesday.”
This dual-market recovery has helped to “narrow the gap between official and parallel exchange rates,” an encouraging development for market participants.
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