Naira Strengthens Against Dollar As Exchange Rate Drops To ₦1,315

The Nigerian naira recorded a modest improvement against the United States dollar at the official foreign exchange market on Thursday, according to the latest market data.

Figures attributed to the Central Bank of Nigeria (CBN) showed that the naira exchanged at ₦1,315.6717 to one US dollar on Thursday, representing an appreciation from the previous day’s rate of ₦1,326.6862 per dollar.

The development indicates a slight strengthening of the local currency at the official market, as the naira continues to fluctuate against the dollar amid prevailing foreign exchange market conditions.

Meanwhile, activity at the parallel market painted a different picture, with the dollar reportedly trading at approximately ₦1,405 on Thursday.

However, actual exchange rates offered by commercial banks, Bureau de Change operators and other foreign exchange dealers may vary from the stated reference figures. Such differences are often influenced by transaction margins, market demand and supply, as well as prevailing liquidity conditions.

Market observers are expected to continue monitoring foreign exchange inflows, demand for the US dollar and policy measures by the CBN to determine whether the naira can maintain its recent improvement in the coming days.