The Naira appreciated against the U.S. dollar in the official NAFEM market on Wednesday closing at N1,363.11/$1 compared with N1,362.00/$1 recorded a day earlier, while it was unchanged at N1,415/$1 in the parallel market.
The movement represents a N1.11 decline, equivalent to 0.08%, indicating only a marginal adjustment in the official market. NAFEM exchange rate data is typically published with a one-day lag relative to the parallel market.
The parallel market has remained broadly stable in recent trading sessions despite modest fluctuations in the official market as currency traders continue to monitor the spread between the official NAFEM rate and the parallel market rate.
Against other major currencies, the naira strengthened against the British pound, with the exchange rate improving by N20 to N1,870/£1, representing a 1.07% gain. The euro also weakened against the naira, falling N5 to N1,575/€1, while the Canadian dollar remained unchanged at N1,055/C$1.
External Reserves edge higher
Nigeria’s gross external reserves also posted a slight increase, rising to $51.948 billion as of August 4, from $51.943 billion recorded the previous day.
The 0.01% increase continues the recent trend of gradual reserve accumulation, providing additional support for the country’s foreign exchange buffers.
