The value of the Nigerian currency, the naira, improved in the official and parallel markets as demand for the dollar declined. Data from the Central Bank of Nigeria (CBN) shows that the naira appreciated by 0.85% to gain N13 in the Electronic Foreign Exchange Marching System (EFEMS).
Buyers quoted the dollar at N1,532 on Thursday, December 12, 2024, relative to N1,545 recorded the previous day.
In the parallel segment of the foreign exchange market, the naira also appreciated, trading at N1,680 per dollar as against the N1,715 recorded on Wednesday, December 11, 2024.
Experts believe that the gain was due to moderate demand for the US greenback despite the presence of speculators in the black market. Authorised dealers in the official market priced the dollar at a high of N1,550 on Thursday, December 12, 2024, higher than the N1,557 recorded the previous day.
Dealers quoted the dollar at an intra-day low of N1,515, the same rate as the previous day. The naira reversed its five-day gains earlier on Monday, December 9, 2024, as demand increased for the dollar among end users, leading to depreciation across all markets.
(legit)
