The naira today, July 15, appreciated to N1,545 per dollar in the parallel market, strengthening slightly from N1,550 per dollar recorded over the weekend.
Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira rose to N1,528.65 per dollar, gaining from N1,532 per dollar at the close of trading last Friday.
Data from the Central Bank of Nigeria (CBN) confirmed the naira’s appreciation by N3.35 at the official window.
This improvement, though modest, signals a gradual easing of pressure on the local currency, which has faced persistent volatility due to strong demand for dollars by importers, travelers, and investors amid relatively tight dollar liquidity.
As a result of the naira’s recovery in both markets, the gap between the parallel market and official rates narrowed to N16.35 per dollar, down from N18 over the weekend.
Analysts often monitor this spread closely as it reflects the effectiveness of CBN’s interventions and the balance between market demand and supply.
Market watchers attribute the naira’s current gains to a combination of factors, including recent dollar inflows from foreign portfolio investors, improved oil earnings, and sustained efforts by the CBN to stabilize the currency through targeted interventions and policy measures aimed at boosting confidence in the forex market.
Despite these gains, dealers caution that the market remains sensitive to external shocks and domestic economic developments.
They note that continued reforms, increased non-oil exports, and confidence-building measures will be crucial to achieving a more stable and sustainable exchange rate in the months ahead.
