Gladness Gideon
The naira recorded a modest appreciation towards the U.S. greenback on Monday, each within the parallel market and the Nigerian Overseas Change Market (NFEM), reflecting renewed market confidence and doable enhancements in foreign exchange liquidity.
On the parallel market, the naira strengthened to ₦1,545 per greenback, gaining ₦5 from ₦1,550 per greenback recorded on the shut of buying and selling final weekend.
Equally, knowledge revealed by the Central Bank of Nigeria (CBN) confirmed that the naira appreciated within the official Nigerian Overseas Change Market, closing at ₦1,528.65 per greenback, up from ₦1,532 per greenback recorded final Friday. This represents a ₦3.35 acquire for the native foreign money within the official window.
Because of these good points, the margin between the official and parallel market charges narrowed barely to ₦16.35 per greenback, in comparison with ₦18 per greenback final weekend. The lowered unfold suggests growing alignment between each markets, a growth usually related to improved market transparency and more practical regulatory oversight.
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Analysts attribute the naira’s latest resilience to a mix of things, together with sustained interventions by the CBN, improved provide of overseas change, and cautious optimism amongst buyers.
The market will proceed to observe how these dynamics unfold within the coming days, particularly amid broader efforts to stabilize Nigeria’s financial system and entice overseas capital inflows.
