The naira experienced a mild depreciation in the official market on Thursday, closing at N1,585 to the U.S. dollar, slightly weaker than the previous day’s rate of N1,584/$1.
This marginal dip followed two consecutive sessions of significant gains after the Central Bank of Nigeria (CBN) unveiled its latest monetary policy measures on Tuesday.
According to data from the Nigerian Foreign Exchange Market (NFEM), the local currency fluctuated throughout the day, trading between N1,582/$1 and N1,588.50/$1 before settling at an average of N1,584.95/$1.
The parallel market showed mixed trends. The naira weakened slightly against the U.S. dollar, falling to N1,622/$1 from N1,620/$1. It also lost ground against the British pound, trading at N2,145/£1 compared to N2,140/£1 a day earlier.
However, it recorded a modest gain of 1.11% against the euro, appreciating to N1,775/€1 from Wednesday’s closing rate of N1,795/€1.
The fluctuating performance reflects the dynamic response of Nigeria’s foreign exchange market to evolving economic policies and investor sentiment.
Analysts note that continued efforts by the CBN will be critical in maintaining market confidence and ensuring long-term currency stability amid ongoing economic reforms.
