The naira fell below the ₦1,600/$1 mark in Nigeria’s parallel market on Wednesday, settling at ₦1,590 to the dollar, down from a range of ₦1,595–₦1,600/$1 the previous day. The dip came despite a series of foreign‐exchange interventions by the Central Bank of Nigeria (CBN) aimed at shoring up the local unit.
In the Nigerian Foreign Exchange Market (NFEM), the naira traded stronger, closing at ₦1,549/$1. Official CBN data showed a marginal improvement from ₦1,550 to ₦1,549 at the official window.
“The apex bank’s FX interventions, alongside recent macroeconomic policy adjustments and measures to attract foreign capital, will likely keep the naira’s exchange rate around these levels over the midterm,” analysts noted.
By Thursday morning (10:20 a.m. WAT), the naira was quoted at approximately ₦1,560/$1, reflecting sustained—but cautious—optimism in the market. Improved sentiment, driven by ongoing economic reforms, has bolstered foreign investors’ confidence in Nigeria’s capital markets.
