Market News
Naira rises to N1,545/$ in black market as reforms dampen speculation - BUSINESSDAY
The naira continued its stable run on Thursday, appreciating against the dollar in the black market as confidence in the Central Bank of Nigeria’s (CBN) reform agenda helped calm speculative activity.
By the close of trading, the naira gained N5 or 0.3 per cent to settle at N1,545 per dollar in the parallel market, also known as the black market, compared to N1,550 the previous day.
In the official Nigerian Foreign Exchange Market (NFEM), the naira slipped slightly by N5.24, with the dollar quoted at N1,525.98, reflecting a 0.3 per cent depreciation from N1,520.74 on Wednesday, according to data from the CBN.
Currency traders attributed the continued naira stability to sustained FX reforms by the CBN, which have helped temper excessive demand previously driven by speculation.
As of Wednesday, the naira had gained 1.4 per cent year-to-date in the official market, with the dollar quoted at N1,520.74 compared to N1,541.36 at the start of the year. In the parallel market, the currency appreciated even more significantly by 7 per cent, trading at N1,550 on Wednesday versus N1,660 in early January.
