The Nigerian naira firmed further versus the US dollar on Thursday in the official foreign-exchange window, extending a recent improvement in the currency’s near-term performance. Central Bank of Nigeria data showed the local unit rose to 1,372.31 per dollar, compared with 1,373.34 in the prior reading.
That translated into a day-on-day gain of 1.03 naira for each dollar. The move suggests a modest tightening of the official exchange rate, even as traders continue to watch broader liquidity and reserves conditions.
Quick facts
- On Thursday, the naira strengthened to 1,372.31 per US dollar at the official market.
- This was up from 1,373.34 previously, a day-on-day gain of 1.03 naira.
- In the black market, the naira held steady at 1,400 per dollar on Thursday.
- The black-market rate matched Wednesday’s level.
- External reserves were reported at $48.72 billion by the central bank.
In the parallel (black) market, the naira did not move and remained at 1,400 per dollar, the same level recorded on Wednesday. The contrast between a slight official gain and a flat informal rate points to differing demand and supply dynamics across segments of the FX market.
The latest currency update also came alongside a reported external reserves position of $48.72 billion. The central bank data reinforces the backdrop against which the naira has been gradually strengthening, following a smaller improvement on Wednesday.
