By Seun Ibiyemi
The naira recorded a largely stable performance on Thursday, trading within a narrow range against the United States dollar across official and parallel foreign exchange markets.
At the official window, the local currency hovered around the ₦1,350 mark to the dollar, reflecting relative calm in the Nigerian Foreign Exchange Market. Market participants attributed the steady outing to sustained interventions and policy adjustments by the Central Bank of Nigeria aimed at improving liquidity and boosting investor confidence.Naira will drop to N1,000/$ in Weeks – Tinubu
Currency dealers said demand pressures remained moderate during the trading session, while supply from exporters and other autonomous sources helped support the naira.
The narrowing gap between official and parallel market rates also signaled improved market alignment in recent weeks.
Analysts noted that the apex bank’s recent monetary policy stance and ongoing foreign exchange reforms have continued to influence sentiment in the market. They added that external reserves stability and reduced speculative activities are contributing factors to the currency’s current performance.
In the parallel market, the naira traded within a similar band, indicating limited volatility compared to previous sessions marked by sharper fluctuations.Naira ends week marginally lower at official market
Economic observers expect the currency to maintain a cautious trajectory in the short term, with attention focused on foreign exchange inflows, inflation trends, and further policy signals from monetary authorities.
Overall, Thursday’s trading reflected a measured and steady posture for the naira as stakeholders monitor broader macroeconomic developments.
