The naira held steady on Thursday, closing at ₦1,553.11k to the US dollar at the Nigerian Foreign Exchange Market, marking a ₦12.35k gain from Wednesday’s rate, according to Central Bank of Nigeria, CBN, figures.
This represents a 0.8% appreciation, reinforcing a recent trend of stability in the official market. The parallel market also remained unchanged, with traders quoting ₦1,605 to the dollar.
The Central Bank attributed the resilience of the naira to sustained policy reforms, which have helped narrow the gap between official and black market rates.
Also Read: CBN Holds Interest Rate Steady at 27.5%, Cites Signs of Economic Stabilisation
Gross external reserves, however, dipped slightly to $38.32 billion on 4th June, down from $38.39 billion two days earlier.
CBN Governor Mr. Olayemi Cardoso said the consistent performance of the naira reflects disciplined monetary interventions and improved market confidence, calling it one of the most notable developments in Nigeria’s foreign exchange regime in years.
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