The naira strengthened further against the US dollar in official trading on Thursday, extending its recent gains even as the parallel-market rate remained unchanged.
Official exchange rate advances
Central Bank of Nigeria figures showed the currency closing at N1,338.59 per dollar on Thursday, compared with N1,343.59 on Wednesday. The move represented a N5 improvement in the naira’s value from one session to the next.
Parallel market holds steady
- At the black market, the naira traded at N1,407 to the dollar on Thursday.
- That rate was unchanged from Wednesday’s level, leaving the gap between the official and parallel markets in place.
Reserves provide additional support
The latest currency movement came as Nigeria’s foreign-exchange reserves climbed to $53.29 billion on Wednesday. The naira had also recorded gains against the dollar across the country’s foreign-exchange markets on Wednesday, marking a broader improvement before the official market advanced again on Thursday.
