The naira remained stable in the official foreign exchange market on Thursday, despite growing concerns over a possible petrol price increase.
According to data from the Central Bank of Nigeria (CBN), the naira closed at N1,530.62 per dollar, showing little change from N1,530.52 recorded on Wednesday at the Nigerian Foreign Exchange Market (NFEM).
Currency dealers quoted the dollar at a highest rate of N1,545, maintaining the same level as the previous day. However, the lowest rate recorded on Thursday was N1,526.17, marking a loss of N26.17 compared to N1,500 per dollar seen on Wednesday.
Fears of a petrol price increase have been fueled by sanctions imposed on Iran—a major oil-producing nation—by former U.S. President Donald Trump.
Performance in the Parallel Market
In the parallel market, also known as the black market, the naira remained relatively stable, closing at N1,580 per dollar on Thursday. This represented a marginal loss of N1 or N3 compared to the N1,579 or N1,577 rates recorded on Wednesday.
Against the British pound, the naira appreciated by N5, as the pound was quoted at N2,035/£ on Thursday, compared to N2,040/£ the previous day.
However, the naira weakened against the euro, losing N10 to close at N1,710/€, down from N1,700/€ on Wednesday.
For other currencies, the naira remained stable at N1,150 per Canadian dollar and N215 per Chinese yuan, showing no change from the previous trading session.
