The Nigerian naira appreciated by N25 in the parallel market on Thursday, trading at N1,690 per US dollar compared to N1,715 on Wednesday. The recovery followed a moderation in dollar demand, with speculative activity easing.
On the official market, however, the naira faced a second consecutive day of depreciation under the Central Bank of Nigeria’s newly implemented trading platform. The Electronic Foreign Exchange Matching System (EFEMS) recorded the naira at N1,545 per dollar on Wednesday, down 1.3% or N20 from N1,525 on Tuesday.
Also Read: Naira Strengthens Against Dollar as Nigeria Adopts New FX Trading Platform
The fluctuations in both markets highlight the ongoing pressures on Nigeria’s currency as demand for the dollar remains robust.
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