Victor EzejaThe Nigerian naira recorded marginal depreciation across foreign exchange market Windows on Wednesday, 30 July.
At the Nigerian Foreign Exchange Market (NFEM), the naira slightly fell by ₦1.34 to ₦1,534.52 on Wednesday from ₦1,533.18 recorded on Tuesday, according to data published by the Central Bank of Nigeria (CBN).
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The local currency traded at an intraday high of ₦1,535 per dollar and a low of ₦1,532 per dollar on. Wednesday. It, however, closed at a spot of ₦1,537 per dollar.
Similarly, the naira dropped at the parallel market, also known as the black market, by ₦5 to ₦1,550 per dollar on Wednesday from ₦1,545 traded on Tuesday.
The naira has experienced relative stability in recent months, with analysts projecting that it might end 2025 stronger.
A report by Coronation predicts that the market rate would float between N1,500 to N1,600 per dollar, bolstered by a spike in the number of foreign portfolio investors (FPIs) and a rise in trust in the Central Bank’s reforms.
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.
