The Nigerian naira recorded a modest appreciation in the parallel foreign exchange market, trading at N1,376 against the U.S. dollar.
The improvement reflects a slight recovery in the local currency’s value compared to previous trading sessions, as market participants continue to monitor demand and supply conditions in the foreign exchange market.
However, data from the official Nigerian Foreign Exchange Market (NFEM) showed a marginal weakening of the naira at the official window, highlighting ongoing fluctuations across both segments of the currency market.
Analysts say the narrowing gap between the official and parallel market rates could signal improved liquidity and greater market stability, although pressure from foreign exchange demand remains a key concern.
Financial experts also noted that the country’s external reserves and ongoing monetary reforms by the Central Bank of Nigeria (CBN) may help cushion volatility in the near term.
Despite the recent gain, businesses and investors are still closely watching inflation trends, import demand, and global economic conditions that continue to influence the performance of the naira.