The dollar appreciated to ₦1,410.00/$ on Thursday from ₦1,400.00 a day earlier in the parallel market as demand for the dollar increased while the naira remained stable in the official foreign exchange market at ₦1,379.25/$.
Data from the Nigerian Foreign Exchange Market (NAFEM) showed the naira closed at ₦1,379.25 per US dollar on July 9, compared with ₦1,379.00/$ in the previous trading session. The marginal depreciation of ₦0.25, or 0.02%, underscores the continued stability in the official market, supported by the Central Bank of Nigeria’s exchange rate management strategy.
The British pound also strengthened to ₦1,870.00, gaining ₦10.00 from ₦1,860.00, while the euro posted the largest increase among the major currencies, rising ₦20.00 or 1.25% to ₦1,600.00 from ₦1,580.00. The Canadian dollar remained unchanged at ₦1,055.00.
The movement widened the spread between the official and parallel market exchange rates to approximately ₦30.75 per dollar, illustrating the continued divergence between the formal and informal foreign exchange markets.
Nigeria’s external reserves provided a positive signal, rising to $51.715 billion as of July 8 from $51.643 billion a week earlier.
