By Seun Ibiyemi
The Naira traded relatively stable against the United States dollar on Thursday, maintaining its resilience across both the official and parallel foreign exchange markets amid sustained liquidity and ongoing reforms by the Central Bank of Nigeria (CBN).
At the Nigerian Foreign Exchange Market (NFEM), the local currency traded at ₦1,374.18 per dollar, reflecting a largely steady performance as the official market continued to benefit from improved foreign exchange supply.
In the parallel market, the naira appreciated slightly, with the dollar exchanging at about ₦1,385/$, compared with ₦1,390/$ in the previous session, narrowing pressure in the informal foreign exchange market.
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Market analysts attributed the currency’s stability to sustained foreign exchange liquidity and the CBN’s ongoing reforms aimed at improving transparency, boosting investor confidence and enhancing efficiency in the country’s foreign exchange market.
They noted that the naira’s short-term performance will continue to depend on foreign exchange inflows, import demand, the level of external reserves and broader market sentiment.
The relative stability recorded on Thursday reinforces the recent trend of reduced volatility in the foreign exchange market as monetary authorities continue efforts to deepen liquidity and sustain confidence in the naira.
