By Seun Ibiyemi
The Nigerian naira recorded a modest gain against the United States dollar at the official foreign exchange market on Thursday, reflecting improved liquidity and renewed intervention by monetary authorities.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at about ₦1,373.5 per dollar, strengthening slightly from the previous session and recording a gain of roughly ₦5 against the greenback.
Market figures indicated that the local currency traded around ₦1,376.19 per dollar during the session before settling at the stronger closing rate, as supply conditions improved in the official window.
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Analysts attributed the improvement in the naira’s performance to increased foreign exchange liquidity following renewed dollar sales by the Central Bank of Nigeria and rising external reserves, which recently climbed to about $50 billion.
However, the situation remained mixed across market segments. While the naira strengthened at the official window, pressure persisted in the parallel market where sustained demand for foreign currency continued to weigh on the local unit.
Economic observers say the currency’s short-term outlook will depend on sustained foreign exchange inflows, policy stability, and the Central Bank’s ability to maintain liquidity in the market.
The naira has experienced notable volatility in recent months as authorities implement reforms aimed at stabilising Nigeria’s foreign exchange market and restoring investor confidence.
