The naira recorded a modest appreciation at the official foreign exchange market in mid-week trading, extending a gradual recovery trend according to official market data from the Central Bank of Nigeria’s (CBN) website.
Mid-week trading data from the CBN indicate that the naira strengthened at the official market while also recording a mild depreciation in the parallel market. The movements reflect short-term stability in exchange rate dynamics and gradual convergence between market segments.
- At the official foreign exchange market, the naira closed at N1,359/$ on Wednesday, improving from N1,367/$ on Tuesday and N1,384.5/$ on Monday.
- In the parallel market, the currency traded at N1,453.13/$ on Wednesday, compared with N1,445.00/$ on Tuesday. Significantly, the spread between the official and parallel market rates narrowed to N94, down from N96 a week earlier.
Overall, the data suggest a modest but consistent improvement in exchange rate conditions, underpinned by policy discipline and improved confidence in the foreign exchange framework.
