The Nigerian naira appreciated to ₦1,512 per dollar in the parallel market, narrowing the gap with the official exchange rate. However, fluctuations persist due to declining foreign reserves and forex market volatility. Analysts suggest further CBN intervention may be necessary to stabilize the naira amid economic uncertainty.
The Nigerian naira gained slightly in the parallel market on Thursday, appreciating to ₦1,512 per dollar from ₦1,515 recorded the previous day. This marginal improvement reduced the gap between the black market and official exchange rates, which now stands at ₦7 per dollar compared to ₦13 earlier in the week.
Despite this gain, fluctuations continue in the foreign exchange market. In the Nigerian Foreign Exchange Market (NFEM), the naira weakened slightly, trading at ₦1,505 per dollar compared to ₦1,502 on Wednesday, according to data from the Central Bank of Nigeria (CBN). Meanwhile, some black-market traders reported different rates, with some selling the dollar for as high as ₦1,530.
Analysts warn that the persistent forex fluctuations could impact economic stability, calling for further interventions by the CBN to manage foreign exchange demand and supply.
With rising concerns over the sustainability of the naira’s stability, financial experts believe that addressing forex liquidity and implementing long-term economic policies will be crucial in ensuring a more predictable exchange rate.
