Nigeria’s Naira hits N997/$ in parallel market

Naira appreciate

On Thursday, the Nigerian naira had a conflicting performance against the US dollar, strengthening on the black market but weakening through the Investors and Exporters (I&E) window.

The naira increased in value, selling at N997 to the dollar as opposed to N1,000 on Wednesday, according to black market data.

However, at the I&E window, the local currency declined from N756.21 to N775.2 per dollar.

This shows that the value of the naira at the official market sector has decreased by N18.99.

As a result, on Thursday, the difference between the parallel and I&E exchange rates was N221.8 instead of N243.79 earlier in the week.

Analysts believe that the return of international flights by several foreign airlines is what caused the naira’s modest recovery on the black market.

But in the I&E window, demand pressures persisted in putting pressure on the local currency. In the foreseeable future, experts predict that currency rate volatility will continue due to apprehensions regarding oil earnings and foreign capital inflows.

While pursuing strategies to harmonize exchange rates and stabilize the naira, the Central Bank of Nigeria (CBN) maintains that it would continue to manage both the official and black market foreign exchange markets.

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