By Seun Ibiyemi
The Nigerian naira recorded a mixed performance against the United States dollar on Thursday as the foreign exchange market continued to respond to fluctuating liquidity and sustained demand for foreign currency.
At the official window of the Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, closing at about ₦1,387.45 per dollar, representing a marginal depreciation of approximately 0.03 percent compared with the previous session.
Market analysts attributed the movement to persistent demand for foreign exchange, particularly for import and corporate obligations.
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Despite the slight dip, trading activity indicated relative stability in the official market, where the currency had earlier closed around ₦1,382.65 per dollar in the preceding session.
Data from the Central Bank of Nigeria showed that the naira traded within a narrow band during the day, reflecting cautious market sentiment and ongoing price discovery in the unified foreign exchange system.
In the parallel market, however, the local currency faced additional pressure amid limited dollar supply. Reports indicated that the naira traded around ₦1,420 per dollar in the informal segment, highlighting continued demand from individuals and businesses unable to access official channels.
Analysts say the currency’s recent movements reflect a balance between improving foreign reserves and lingering liquidity constraints in the market.
Nigeria’s external reserves have remained relatively strong, providing some support for the naira even as global and domestic demand for dollars persists.
Economic observers note that while the naira has experienced occasional volatility in recent sessions, ongoing reforms in the foreign exchange market and improved liquidity could help stabilise the currency in the near term.
