The Nigerian Naira on Friday recorded a mixed performance at the official and parallel foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the Naira closed at ₦1,449.38 to the dollar, reflecting a slight movement from the previous day’s rate.
According to reports the trading at the Investors’ and Exporters’ (I&E) Window recorded a high of ₦1,452.50 and a low of ₦1,449.38, indicating a relatively narrow band attributed to the Central Bank of Nigeria’s (CBN) liquidity management measures.
At the parallel market, the Naira appreciated marginally, trading at ₦1,475 per dollar for buying and ₦1,485 for selling, compared to the earlier average of ₦1,490 recorded within the week.
The spread between the official and unofficial windows remained a concern for analysts, though the slight gain in the parallel market reduced the premium to about ₦25.62–₦35.62.
Market watchers linked the day’s performance to steady global crude oil prices, increased diaspora remittances ahead of the festive season, and expectations around CBN’s interest rate stance aimed at curbing inflation and attracting foreign portfolio inflows.
