The Nigerian naira recorded a slight appreciation against the United States dollar on Friday, opening trading at ₦1,369.04/$ at the official foreign exchange market.
According to data from the Nigerian Foreign Exchange Market (NFEM), the local currency improved from Thursday’s closing rate of ₦1,370.30/$, continuing its recent run of stability.
Early trading showed the naira moving within a narrow range, indicating relatively balanced demand and supply conditions in the official market.
The local currency also maintained similar levels in the parallel market, where Bureau De Change operators in Lagos and Abuja quoted the dollar at around ₦1,369/$, bringing the unofficial rate almost in line with the official exchange rate.
The near convergence between both markets has been attributed to improved foreign exchange liquidity and continued policy measures aimed at stabilising the naira.
The development is expected to provide short-term relief for importers, manufacturers and businesses that rely heavily on foreign exchange for their operations.
Financial analysts said the currency’s recent stability reflects ongoing monetary policy interventions and regulatory efforts by authorities to reduce volatility in the foreign exchange market.
However, economists warned that maintaining the naira’s stability over the long term will depend on stronger foreign exchange inflows, sustained investor confidence and increased revenue from Nigeria’s crude oil exports.
