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Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at approximately ₦1,370 to the dollar on Thursday.
Available market figures indicated that the Naira closed Wednesday’s trading session at approximately ₦1,372.76 per dollar.
At the official rate, $100 was valued at about ₦137,276, while $1,000 exchanged for roughly ₦1.37 million.
In the parallel market, commonly referred to as the black market, the dollar was bought at about ₦1,395 and sold between ₦1,405 and ₦1,408, depending on location and dealer pricing.
Analysts said the naira’s performance in the coming weeks would largely depend on foreign exchange inflows from oil exports, diaspora remittances, foreign portfolio investments, and interventions by the Central Bank of Nigeria (CBN).
Based on prevailing parallel market rates, $100 exchanged between ₦140,500 and ₦140,800.
