The naira strengthened marginally against the US dollar in the official NAFEM window to N1,360/$ on August 12 representing a N4.85, or 0.36%, appreciation from N1,365/$ recorded a day earlier, based on data from the Central Bank of Nigeria.
Data from Bureau de Change (BDC) operators showed the dollar trading at N1,415/$ on the parallel market, compared with N1,416/$ on Wednesday. The naira also strengthened against the pound, which fell to N1,870 from N1,871, while the euro declined to N1,575 from N1,576.
The spread between the official rate and parallel market rate stood at N55, indicating that the dollar remained considerably more expensive outside the official market.
Nigeria’s external reserves continued to edge higher, providing additional support for the country’s foreign exchange position as the reserves rose 0.06% to $52.171 billion on August 11 from $52.141 billion the previous day, according to CBN data.
