The Nigerian Naira has demonstrated resilience at the official foreign exchange market, closing stronger compared to its performance in the parallel market, where it has remained stable for the past five days.
At the parallel market, the Naira maintained its rate of N1,600 against the US dollar for the fifth consecutive day. However, the official Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a positive turn on Monday, with the Naira closing at N1,597.34. This represents a gain of N5.41 compared to its previous closing rate of N1,602.75 on Friday.
The daily turnover at the official market saw an uptick, reaching $140.45 million on Monday, marking a 2.19% increase from the $137.43 million recorded on Friday.
During Monday’s trading session, the highest spot rate for the Naira was reported at N1,640, while the lowest spot rate stood at N1,400.
The strengthening of the Naira at the official window comes amidst efforts to stabilize the currency and boost confidence in the foreign exchange market. While the parallel market has maintained stability, the positive performance at the official exchange market reflects a favorable trend for the Naira’s value against the US dollar.
Observers are closely monitoring these developments, hoping for sustained stability and further improvements in the Nigerian currency’s performance in both official and parallel markets.
