The naira saw an appreciation against the dollar in both the official and parallel foreign exchange markets on Thursday.
Data from the Central Bank of Nigeria (CBN) revealed that the official exchange rate closed at N1,532 per dollar on Thursday, up from N1,545 per dollar the previous day. Similarly, figures from the FMDQ showed that the naira strengthened to N1,534.35 per dollar, compared to N1,549.29 on Wednesday, marking an improvement of N14.94 against the dollar.
In the parallel market, the naira also gained ground, trading between N1,640 and N1,680 per dollar, down from N1,710 the day before, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.
Reports indicate that the naira has experienced fluctuations throughout the week, reflecting the ongoing volatility in the forex market. This instability follows the recent launch of the Electronic Foreign Exchange Matching System (EFEMS) by the CBN, a move aimed at fostering greater transparency and efficiency in foreign exchange transactions.
The continued fluctuations highlight the challenges facing the naira amid efforts to stabilize the currency and enhance the foreign exchange market’s integrity.
