By Seun Ibiyemi
The Nigerian currency, the naira, recorded a mixed performance in trading on Thursday, as data from the foreign exchange market showed differing movements across official and informal channels.
According to Central Bank of Nigeria (CBN) data, the naira weakened marginally at the official foreign exchange window, closing at around ₦1,340 – ₦1,341 per US dollar, representing a slight depreciation from the previous session’s rates.
Market analysts attributed the softer tone at the official window to sustained demand for dollars, which edged the local currency downward despite interventions aimed at stabilising the market.
In contrast, the currency showed resilience in the parallel (black) market, where traders quoted improved rates compared with the prior day.
In many major cities, the naira was reported trading between approximately ₦1,355 and ₦1,370 per US dollar in some segments, indicating modest appreciation and a narrower gap with official channels.
The divergent movements reflect ongoing dynamics within Nigeria’s foreign exchange landscape, where liquidity conditions, investor activity and cross-market arbitrage continue to shape exchange rates.
Finance experts note that while official windows have struggled with demand pressures, informal markets have occasionally absorbed excess supply, resulting in temporary gains in black market rates.
Overall, the naira’s performance yesterday underscores the complex interplay between different segments of Nigeria’s FX market and highlights the ongoing challenges in achieving unified stability across all trading platforms.
