Naira gains N2.05 against dollar at official window

DDM News

The Nigerian currency, the naira, appreciated against the United States dollar at the official market window on Friday.

According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,547.36/$1, an improvement from ₦1,549.41/$1 recorded on Thursday.

This represents a gain of ₦2.05 for the local currency against the American greenback.

Diaspora Digital Media (DDM) reports that while the official market recorded slight appreciation, the black market remained stable.

At the parallel market, the naira traded flat against the dollar, maintaining a rate of ₦1,605/$1.

The naira also held steady against the British pound, closing at ₦2,160/£1.

Similarly, it remained unchanged against the Canadian dollar, trading at ₦1,200/CA$1.

However, the naira gained ₦5 against the euro, improving to ₦1,800/€1 from ₦1,795/€1 the previous day.

Meanwhile, the CBN injected $273 million into the retail secondary market intervention sales (SMIS) segment of the foreign exchange market.

The move is part of the apex bank’s ongoing efforts to stabilize the forex market and improve liquidity.

Analysts believe the intervention helped ease pressure on the naira and contributed to the modest gain observed in the official rate.

Despite fluctuations in the foreign exchange market, the CBN remains committed to policies aimed at achieving long-term exchange rate stability.

Currency traders are watching closely as demand for foreign currency stays high across sectors such as trade, travel, education, and healthcare.

This week’s exchange rate performance reflects a relatively steady trading environment compared to previous periods of volatility.

Market analysts maintain a cautious outlook as both domestic and global economic factors continue to influence Nigeria’s forex market.

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