The Nigerian naira breaks its five-day depreciation streak, appreciating to N1,510/$ in the parallel market. This development follows a period of volatility in both official and parallel markets. Central Bank Governor expresses optimism about currency stability, emphasizing its importance for attracting investors and boosting Nigeria's economy.
The Nigerian naira has shown signs of recovery, breaking a five-day depreciation streak in the parallel foreign exchange market. On Monday, the local currency appreciated by 0.98%, reaching N1,510 per US dollar, up from N1,525 the previous week.
This improvement comes after a challenging period for the naira, which had been steadily losing value against major currencies. The official exchange window also saw fluctuations, with the naira closing at N1,508.99/$, a slight depreciation from last week's rate.
Currency traders in the parallel market, often considered a barometer for the naira's true value, reported a buying rate of N1,480/$ and a selling rate of N1,510/$. This margin indicates a cautious optimism in the market.
The naira's recent performance has been volatile, trading between N1,485 and N1,525 per dollar in the parallel market throughout June. Similarly, the official window witnessed fluctuations, with rates ranging from N1,476 to N1,510 per dollar.
Central Bank of Nigeria Governor Olayemi Cardoso recently expressed satisfaction with efforts to stabilize the naira, suggesting that excessive volatility may be subsiding. He emphasized the importance of restoring confidence in the currency to attract investors.
