The naira moved in opposite directions across Nigeria’s two foreign-exchange markets on Wednesday, weakening slightly at the official window while gaining ground in parallel-market trading.
Key takeaways
- The official exchange rate slipped to N1,328.50 per dollar from N1,327.78 on Tuesday.
- The currency lost N0.72 against the dollar in one day at the official market.
- In parallel trading, the naira strengthened to N1,385 per dollar, compared with N1,389 previously.
- Nigeria’s external reserves were reported at $54.81 billion.
- The currency had advanced in both markets during Tuesday’s session.
Official and parallel-market performance
At the official foreign-exchange market, the naira closed Wednesday at N1,328.50 to the dollar, down from the N1,327.78 rate recorded a day earlier. The movement represented a daily decline of N0.72.
The trend was different in the parallel market, where the naira continued its recent improvement. The rate strengthened to N1,385 per dollar from N1,389 on Tuesday, an appreciation of N4.
Reserves and recent trading trend
The divergent performance came as Nigeria’s external reserves stood at $54.81 billion, based on central-bank data. A day earlier, the naira had gained value against the dollar in both the official and parallel foreign-exchange markets.
