By Seun Ibiyemi
The Nigerian naira witnessed mixed performance in the foreign exchange market on Wednesday, with the local currency slightly weakening in the official window even as it showed strength in the parallel market amid continued policy interventions.
According to data from the official foreign exchange segment, the naira depreciated modestly, trading around ₦1,359 to the US dollar in the Nigerian Foreign Exchange Market (NFEM).Naira will drop to N1,000/$ in Weeks – Tinubu
This represents a slight weakening from earlier in the week, reflecting cautious sentiment among investors following the Central Bank of Nigeria’s (CBN) recent monetary policy adjustments.
Observers note that the depreciation in the official market comes as participants digest the implications of the CBN’s 304th Monetary Policy Committee (MPC) meeting, in which the apex bank cut its benchmark Monetary Policy Rate (MPR) by 50 basis points to 26.5 per cent — a move aimed at easing financial conditions while maintaining macroeconomic stability.CBN mops up $190m to slow naira rally
Meanwhile, traders in the parallel (black) market reported a rebound for the naira, with the currency strengthening against the dollar, offering some short-term relief after recent volatility.
Market dealers attributed the uptick to increased dollar inflows and reduced speculative pressure, factors that have helped narrow the gap between official and informal rates.
Economic analysts say the mixed performance underscores ongoing liquidity dynamics in Nigeria’s FX landscape.
The naira’s direction in the coming days could hinge on sustained foreign exchange inflows, the pace of CBN interventions, and broader macroeconomic conditions.
