Business
Naira Records Slight Gain at Official Market, Falls in Parallel Market
The Nigerian naira showed signs of recovery at the official foreign exchange market on Thursday, appreciating slightly against the US dollar. According to data from the Central Bank of Nigeria, the naira strengthened to N1,533.55 per dollar, improving from Wednesday’s rate of N1,534.52. This marks a marginal gain of N0.97.
However, the situation was different in the parallel market, where the naira weakened. On Thursday, it traded at N1,560 per dollar, compared to N1,545 the previous day—a notable drop of N15. Abubakar Hassan, a Bureau De Change operator in Wuse Zone, Abuja, attributed the depreciation to increased demand for foreign exchange.
This development follows Wednesday’s trading session, where the naira had depreciated at the official market for the first time in recent sessions while remaining stable in the black market.