The naira slid further against the United States dollar at the official foreign exchange market on Thursday, closing at ₦1,341.35 to the dollar, data from the Central Bank of Nigeria showed. This represents a ₦3.25 depreciation from Wednesday’s rate of ₦1,338.10.
In contrast, the naira strengthened in the parallel market, rising ₦25 to trade at ₦1,340/$, up from ₦1,365/$ previously. Analysts attributed the official market decline to increased dollar demand from foreign portfolio investors.
The official NAFEX rate fell by ₦2.08 to ₦1,338.75/$, the NFEM VWAP closed at ₦1,341.35/$, and the CBN closing rate ended at ₦1,346/$, down ₦6 for the day. Intraday trades ranged between ₦1,332 and ₦1,350.
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Market experts say the naira’s short-term direction will continue to depend on supply and demand dynamics, as the Central Bank maintains efforts to stabilise the foreign exchange market.
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