The naira appreciated to N1,512 per dollar in the black market while weakening slightly to N1,505 per dollar in the official forex market. The exchange rate gap narrowed to N7 per dollar as the CBN continued interventions. Experts assess the impact on inflation, imports, and investor confidence.
The Nigerian naira appreciated to N1,512 per dollar in the parallel market on Wednesday, improving slightly from N1,515 per dollar recorded the previous day. However, in the official Nigerian Foreign Exchange Market (NFEM), the naira depreciated marginally to N1,505 per dollar, according to data from the Central Bank of Nigeria (CBN).
The CBN's latest exchange rate figures showed the indicative value for the naira moving from N1,502 per dollar on Tuesday to N1,505, marking a N3 depreciation. This shift resulted in a narrowing gap between the black market and official rates, reducing the disparity to just N7 per dollar—a notable improvement from the N13 difference recorded a day earlier.
Analysts attribute the fluctuating exchange rates to varying liquidity levels, ongoing regulatory interventions, and speculative activities within the forex market. As the CBN continues efforts to stabilize the naira, economic observers will closely monitor how these fluctuations impact inflation, import costs, and overall investor confidence.
