The Naira held relatively steady against the United States Dollar at the start of Friday’s trading, with slight movements recorded across both the official market and the parallel segment.
At the Nigerian Foreign Exchange Market, the official trading window, the local currency posted a marginal gain as it traded around N1,369.04 to the Dollar. This represents a slight improvement from the N1,370.30 recorded at the close of the previous trading session, suggesting a mild easing in pressure within the market.
Activity in the parallel market also reflected a similar trend, with Bureau De Change operators in Lagos and Abuja quoting the Dollar at about N1,369. The near convergence between rates at the official window and the black market points to a rare period of alignment in foreign exchange supply, offering some short term relief to importers and businesses in need of forex.
Analysts say the current calm in the market is being supported by continued interventions and monetary policy measures aimed at reducing volatility. Still, they caution that sustaining long term exchange rate stability will depend largely on stronger foreign exchange inflows and improved earnings from crude oil exports in the months ahead.
