Naira gains at official market, closes at N1,342/$

The naira recorded a modest appreciation against the United States dollar at the official foreign exchange market on Thursday, strengthening by N1.44 to close at N1,342.30/$1.

Fresh data released by the Central Bank of Nigeria showed the local currency improved from Wednesday’s closing rate of N1,343.70/$1, reflecting a slight gain at the official trading window.

The naira also posted gains at the parallel market, where it appreciated by N2 to exchange at N1,400/$1, compared with N1,403/$1 recorded a day earlier.

Against the British pound, the local currency strengthened by N5 to close at N1,890/£1, from the previous rate of N1,895/£1.

However, the naira remained unchanged against the euro and the Canadian dollar, closing at N1,615/€1 and N1,100/CA$1 respectively.

The latest movement signals continued efforts to stabilise the foreign exchange market, even as demand pressures and broader economic factors remain key drivers of currency performance.