The Nigerian naira posted a marginal gain against the US dollar at the official market, supported by a sharp rise in foreign exchange liquidity and improved interbank activity.
Latest data released by the Central Bank of Nigeria showed the currency appreciated by 0.09 per cent to close at N1,379.46/$, compared to N1,380.70 recorded in the previous trading session.
The modest rebound comes after sustained pressure on the local currency, with improved dollar supply helping to stabilise the market. Analysts say the development reflects a gradual return of confidence in the Nigerian Foreign Exchange Market.
Intraday trading data indicated that the naira fluctuated between a high of N1,386/$ and a low of N1,365/$, suggesting increased activity and responsiveness to fresh FX injections.
A major highlight of the session was the surge in interbank turnover, which rose to $249.9 million across 180 deals — a significant jump that signals stronger liquidity conditions and tighter spreads in the market.
Market watchers noted that while liquidity has improved, the cautious pace of appreciation suggests the exchange rate is settling into a new equilibrium level above N1,300/$.
In the parallel market, the naira remained relatively stable, trading around N1,395/$, indicating minimal divergence between official and informal market rates.
Analysts believe the recent movement underscores a delicate balance between supply and demand, with both buyers and sellers appearing comfortable within the current pricing band.
The latest figures point to a more stable foreign exchange environment, even as broader economic uncertainties continue to shape investor sentiment.