Abuja, Nigeria – The naira don show strength as e appreciate against the dollar for both official and parallel foreign exchange markets. The naira close at N1,595 per dollar on Friday, down from N1,610 on Thursday, meaning e gain N15 for the day on black market. Meanwhile, official data from the Central Bank of Nigeria (CBN) show say the naira close at N1,599.54 for dollar, up from N1,601.82, which naira also gain N2.28.
Data from Bureau de Change operator Abubakar Alhasan for Wuse Zone 4 confirm say naira don dey pick up for the past three days after Easter break. On Tuesday, the naira plateau, closing steady at N1,602.30 as CBN sell $50 million in forex market to boost liquidity.
According to CBN statistics, naira fell slightly to N1,602.63 from N1,599.93 last Thursday. The official spot market don show naira gaining 0.24 percent week-on-week, while forward rates for one month to one year show naira still weak, trading at N1,642.03 to N1,979.27 per dollar.
CBN report show say gross foreign reserves don decrease by 0.39 percent week-on-week to $37.88 billion by April 16. This drop reflects reduced inflows from CBN channels even as autonomous inflows rise, indicating increased participation from private sources.
In terms of transactions, the naira maintain stability at the Nigerian Foreign Exchange Market (NFEM), closing at N1,599 per dollar on Thursday. Reports reveal say the naira increased by N5, hitting N1,605 at the parallel market compared to N1,610 previously.
The CBN governor, Olayemi Cardoso, share insight say recent bank policies don help improve forex inflow into Nigeria, during a meeting with government officials and international investors in Washington, D.C.
Despite the ups and downs, the external reserves remain above global benchmarks, at $38.88 billion as of January, enough to cover 8.82 months of imports. Nonetheless, there are signals of declining activity in the forex space, with total foreign exchange inflows dropping to $9.63 billion in January.
Overall, commitment to maintaining a stable currency in Nigeria consistent means local and international players dey watch the market closely, as the naira’s performance continues to impact both local and global economic dynamics.
