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Naira Holds Around ₦1,370 as FX Market Watches Key Economic Drivers

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(Naira and Dollar Notes. Photo Credit: Nairacompare)

The naira was trading at approximately ₦1,370 to the dollar on Thursday, according to data from the Nigerian Foreign Exchange Market (NFEM).

The local currency closed Wednesday’s trading session at around ₦1,372.76 per dollar at the official rate, with $100 valued at approximately ₦137,276 and $1,000 exchanging for roughly ₦1.37 million.

In the parallel market, the dollar was being bought at about ₦1,395 and sold at between ₦1,405 and ₦1,408, depending on location and dealer pricing.

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At those rates, $100 exchanged for between ₦140,500 and ₦140,800.

Analysts said the naira’s trajectory in the coming weeks would largely hinge on foreign exchange inflows from oil exports, diaspora remittances, foreign portfolio investments, and interventions by the Central Bank of Nigeria (CBN).

 

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