Naira Holds Steady at N1,500 in Parallel Market Amid Falling Reserves

The naira remained stable at N1,500 to the US dollar in the parallel market on Thursday, despite a continued decline in Nigeria’s external reserves.  

Year-to-date, the local currency has strengthened by N95, an appreciation of 6.3 percent, after trading at N1,595 per dollar at the start of the month. 

Also Read: Fight Against Human Trafficking in Nigeria 

In the parallel market, the naira was exchanged at N1,570 per euro, N1,900 per British pound, and N1,059 per Canadian dollar.  

At the official market, the currency closed marginally weaker at N1,496 per dollar, compared to N1,495 recorded on Wednesday, according to data from the Central Bank of Nigeria.