The naira gained N25 on Thursday in the parallel market, trading at N1,690 per dollar, compared to N1,715 on Wednesday.
The improvement followed a reduction in dollar demand and speculative activities in the black market.
One trader noted the unpredictable nature of the market, stating, “We don’t actually know what is happening. The dollar is just fluctuating.”
However, in the official market, the naira depreciated on Wednesday for the second time since the Central Bank of Nigeria (CBN) launched its new trading platform. The currency weakened by N20, with the dollar quoted at N1,545, up from N1,525 on Tuesday, according to the CBN’s Electronic Foreign Exchange Matching System (EFEMS).
This decline marked a reversal of the naira’s five-day winning streak, as increased demand for dollars among end users put pressure on the local currency earlier in the week.
