Naira Holds Steady Against Dollar

The naira has traded steadily against the United States (US) dollar across official and parallel markets on Thursday.

At the official Nigerian Foreign Exchange Market (NFEM), the naira traded at around N1,346.05 per dollar.

Market activity recorded moderate price movements as banks and businesses carried out transactions for imports, foreign trade and capital transfers. The rate has remained within a narrow range following liquidity support and interventions by the Central Bank of Nigeria (CBN).

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Naira Holds Steady Across FX Markets (NewsCentral TV) — Naira to Dollar currencies. Credit: Naija News.

In the parallel market, also known as the black market, Bureau De Change operators and street traders in major cities, including Lagos, Abuja and Kano, quoted buying rates of around N1,375 per dollar.

Selling rates stood at approximately N1,385 per dollar, leaving a relatively small gap between the official and parallel market rates.

The exchange rate movements come as the CBN continues efforts to ease pressure on dollar demand and support stability in the foreign exchange market.

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