The naira remained relatively stable against the United States dollar across both the official and parallel foreign exchange markets as trading resumed mid-week.
At the Nigerian Foreign Exchange Market (NFEM), the dollar traded within the range of ₦1,324 to ₦1,330, indicating relatively steady liquidity in the official market.
The performance follows modest gains recorded by the naira earlier in the week, amid efforts by the Central Bank of Nigeria (CBN) to reduce volatility and improve liquidity in the foreign exchange market.
In the parallel market, the dollar exchanged at about ₦1,375 for buying and ₦1,385 for selling, according to Bureau De Change (BDC) operators.
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The difference between the official and parallel market rates remained relatively narrow, a development financial analysts said could indicate improved alignment between the two segments of the foreign exchange market.
Market participants are continuing to monitor factors that could influence the naira’s performance, including foreign capital inflows, proceeds from crude oil exports and seasonal demand for foreign exchange.
The movement of the currency will also be closely watched as the third quarter draws to a close, with demand conditions and the availability of dollar liquidity expected to remain key factors in determining the naira’s direction.
