Amanze Chinonye
The naira continued to show resilience in foreign exchange markets on Friday, trading at ₦1,470.52 to the United States dollar at the mid-market rate, following a strong rebound recorded after Nigeria’s Independence Anniversary holiday.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated at the official window to ₦1,455.24/$1 on Thursday, strengthening by ₦20.11 compared to the ₦1,475.35/$1 it closed with on Tuesday before the holiday.
Similarly, in the parallel market, the naira firmed by ₦5, exchanging at ₦1,485/$1 on Thursday, from ₦1,490/$1 recorded on Tuesday.
Join our WhatsApp ChannelTraders say the uptick reflects positive sentiment and a narrowing gap between official and black-market rates, a development that analysts argue could ease speculative pressure.
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The mid-market rate on Friday, pegged at ₦1,470.52/$1, further underscores the currency’s improving performance this week.
Market watchers link the gains to improved dollar liquidity, alongside ongoing reforms by the CBN to unify exchange windows, settle backlogs of forex obligations, and restore investor confidence.
However, while the recent appreciation is encouraging, sustaining the naira’s stability will depend on continuous inflows from oil receipts, foreign portfolio investors, and reduced demand pressures.
The currency’s trajectory remains critical for Nigeria’s inflation outlook, import costs, and overall business environment as the country pushes to stabilise its macroeconomic fundamentals.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
