Naira Weakens Slightly at Official Market, Gains Ground on Black Market

The Nigerian naira weakened slightly against the US dollar at the official foreign exchange market on Thursday, continuing its recent trend of depreciation. According to data from the Central Bank of Nigeria, the currency closed at N1,533.11 per dollar, down from N1,530.25 on Wednesday, representing a marginal decline of N2.86.

In contrast, the naira appreciated at the parallel market, strengthening by N10 to trade at N1,540 per dollar, compared to N1,550 the previous day. This divergence highlights ongoing volatility in the country’s currency markets.

Despite the fluctuations, economist Bismark Rewane, Chief Executive Officer of Financial Derivatives Company, maintained that the naira remains in relatively good shape. He attributed this to the increased transparency in the foreign exchange market, which he believes is helping to stabilize investor sentiment.