The Naira recorded a mild appreciation at the official market, closing at ₦1,579.65/$1, even as it stayed flat at ₦1,620/$1 in the parallel market. Meanwhile, mixed forex trends and shaky crypto markets paint a broader picture of economic uncertainty.
- Naira appreciated by ₦1.94 at NAFEX on Monday, settling at ₦1,579.65/$1.
- Pound Sterling and Euro gained against the Naira, now at ₦2,141.99/£1 and ₦1,791.37/€1, respectively.
- The parallel market remained unchanged at ₦1,620/$1.
While a ₦1.94 uptick may look like progress, the spread between the official and parallel markets remains wide, a reminder of persistent pressure on Nigeria’s FX liquidity. And with cryptocurrencies mirroring global uncertainty, investors appear stuck in a wait-and-see cycle.
With global factors tugging at local markets, it’s worth asking: Can the CBN’s rate reforms keep the Naira stable long enough to rebuild confidence?
