The Nigerian naira recorded a marginal depreciation at the official foreign exchange market on Thursday, according to data released by the Central Bank of Nigeria (CBN).
The CBN revealed that the naira exchanged at N1,533.11 per dollar, a slight weakening from N1,530.25 recorded on Wednesday. This represents a daily drop of N2.86.
Conversely, in the parallel (black) market, the naira appreciated by N10, strengthening to N1,540 per dollar from the N1,550 traded the previous day.
Despite the fluctuations, renowned economist and Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, maintains a positive outlook. He stated that the naira remains in a stable position due to the transparency of the current foreign exchange system.
The naira has seen mixed movements in recent weeks amid ongoing efforts by monetary authorities to stabilize the currency and improve liquidity in the forex market.
