The Nigerian naira has bounced back against the US dollar at the official foreign exchange market on Thursday, showing signs of recovery after Wednesday's depreciation.
According to data from the Central Bank of Nigeria, the naira strengthened marginally to N1,533.55 per dollar, an improvement from Wednesday's rate of N1,534.52, representing a gain of N0.97.
However, the parallel market tells a different story as the naira experienced a significant drop, trading at N1,560 per dollar on Thursday compared to N1,545 the previous day – a N15 depreciation.
Abubakar Hassan, a Bureau De Change operator in Wuse Zone, Abuja, attributed the naira's decline at the black market to increased demand for foreign exchange on Thursday.
This development comes after the naira recorded its first depreciation at the official foreign exchange market on Wednesday while remaining flat at the parallel market.
The fluctuation in exchange rates continues to reflect the volatility in Nigeria's foreign exchange market, influenced by factors such as demand pressures, foreign reserves management, and broader economic policies.
Financial analysts are closely monitoring these movements as they provide insights into the effectiveness of the Central Bank's monetary policies and the overall health of Nigeria's economy.
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