Naira Holds Steady Against Dollar in Black Market, Slightly Depreciates Officially

The naira remained stable against the dollar at the parallel foreign exchange market on Thursday, closing at N1,585 per dollar, the same rate as the previous day. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, confirmed the consistency of the exchange rate.

While the black market rate held steady, the naira experienced a slight depreciation in the official FX market. Data from the Central Bank of Nigeria indicated a small drop of N0.1, with the official exchange rate closing at N1,530.62 per dollar on Thursday, compared to N1,530.52 on Wednesday.

This slight decline in the official market rate came after the naira had appreciated against the dollar for the first time earlier in the week. On Wednesday, the naira saw its first gain in the week, showing some signs of recovery before Thursday’s small setback.

Despite the official market’s slight depreciation, the parallel market rate remained unchanged, indicating a level of stability in the black market. Traders and market analysts will continue to monitor the naira’s performance in both markets for any further fluctuations in the coming days.

source: daily post