Victor Ezeja
Nigeria’s currency, the naira, maintained a positive outlook, strengthening further across official and black markets on Wednesday, 4 June.
The Central Bank of Nigeria (CBN) data on exchange rate showed that the naira further appreciated to N1,565.46 against the dollar on Wednesday at the Nigeria Foreign Exchange Market (NFEM) from N1,579.27, which was traded on Tuesday, 3 June. This means the naira gained N13.81 against the dollar.
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The CBN data showed that while the naira closed at N1,564, it traded between a high of N1,577 and a low of N1,556.50.
The naira also recorded a significant appreciation at the parallel or black market on Wednesday, where it rose to N1,600 against N1,615 per dollar the previous day, representing a N15 gain.
Prime Business Africa reports that the naira, which ended the previous week on a stable note, opened this week positively as it traded at N1,581.58 per dollar at the official market on Monday against N1,586.15 on Friday. It sustained the trend on Tuesday when it traded at N1,579.27 per dollar.
The naira has been relatively stable on the foreign exchange markets over the past six months, despite occasional volatility.
Analyst have predicted that thought the local currency might not record a significant surge in value, it would maintain a relative stability in the short-term.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
