The naira showed resilience on Thursday by appreciating against the dollar, marking a 0.88% gain to N1,125/$ after maintaining stability at N1,135 for three consecutive days on the parallel market, commonly known as the black market.
Aboki FX, an online platform providing real-time exchange rates, reported that the naira’s pressure has consistently eased following last month’s peak at N1,310.
While the market closed at N1,140 on Monday, it appreciated on Tuesday, closing at N1,135 per dollar.
The naira maintained the same rate, closing at N1,135/$ on both Wednesday and Thursday.
Meanwhile, the naira has experienced fluctuations against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.
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On Thursday, the naira weakened by 2.70%, with the dollar quoted at N841.14 compared to N818.99 on Wednesday.
However, it had appreciated to N839.48/$ on Monday and maintained stability at N818.99/$ on Wednesday.
NAFEM serves as the reference rate for spot FX operations in the autonomous FX market, encompassing recognized FX trading segments, including the inter-bank market, the I&E FX Window, and other approved and recognized trading segments defined by the regulator.