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🇳🇬 Nigeria /Economy & Trade

Naira appreciates to N1,395/$ in parallel market

From Vanguard · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Context piece
  • The naira strengthened to 1,395 per dollar in Nigeria’s parallel market from 1,405, while remaining at 1,322.5 per dollar in the official market.
  • The gap between the two rates narrowed to 72.5 naira, and official-market turnover reached 113.9 million naira.
  • Analysts described the near-term outlook as cautiously positive, citing foreign-exchange liquidity, external reserves and oil prices, while warning that conditions remain dependent on liquidity and global oil prices.

The naira gained 10 against the dollar in Nigeria’s parallel market, reaching 1,395 per dollar from 1,405 on Thursday. In the Nigerian Foreign Exchange Market, the currency held steady at 1,322.5 per dollar, according to Central Bank of Nigeria data.

The move narrowed the gap between the parallel and official rates to 72.5 naira per dollar, from 82.5 naira the previous day. Trading in the official market also increased, with interbank turnover reported at 113.9 million naira.

Over the week, the naira gained 13 against the dollar in the official market but lost three naira in the parallel market. Financial-sector analysts said the currency’s near-term outlook remained cautiously positive, pointing to improved foreign-exchange liquidity, rising external reserves and elevated crude oil prices.

They cautioned that the market would continue to depend on liquidity conditions and movements in global oil prices.

About this summary

Originally published by Vanguard. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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