The Nigerian currency, the naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Thursday.
Data from the Central Bank of Nigeria (CBN) showed that the naira traded at ₦1,315.6717 to $1 on Thursday, representing a slight appreciation from the ₦1,326.6862/$1 recorded on Wednesday.
However, at the parallel market, commonly known as the black market, the naira closed at ₦1,405 to the dollar on Thursday.
Rates offered by commercial banks, Bureau de Change (BDC) operators and other foreign exchange dealers may differ from the official reference rate due to transaction margins and prevailing demand and supply conditions.
Market participants are expected to continue monitoring foreign exchange inflows, dollar demand and CBN policies for indications of whether the naira can sustain its recent gains throughout the month.
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