Discover the latest on Nigeria's currency exchange rate as the naira holds steady at N1,490 per dollar on the parallel market, showing a marginal gain.
On Wednesday, the Nigerian naira remained stable at N1,490 per dollar on the parallel market, showing a slight improvement from last week's rate of N1,495. This marginal gain of 0.33% reflects increased dollar liquidity due to significant inflows totaling $5.95 billion from the World Bank and Afreximbank. These inflows bolstered Nigeria's external reserves, which rose by 2.19% to $33.159 billion by June 11, 2024, up from $32.447 billion the previous month.
Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed flat at N1,482.72 per dollar on Friday, indicating a minor appreciation of 0.06% compared to N1,483.62 recorded on June 10, 2024. Dollar supply also saw a notable increase of 13.47%, rising from $161.69 million to $183.47 million during the same period.
These developments underscore a strengthened position for the naira amidst enhanced liquidity and robust dollar inflows, supported by international financial institutions. The Central Bank of Nigeria (CBN) data further illustrates the positive impact on Nigeria's foreign exchange market stability and economic resilience in managing currency pressures.
Overall, the stable exchange rate on the parallel market and incremental gains at NAFEM reflect cautious optimism amid ongoing efforts to sustain liquidity and strengthen Nigeria's economic fundamentals in the face of global economic uncertainties.
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