Naira Appreciates to ₦1,387 in Parallel Market Amid Ongoing Forex Market Fluctuations

Naira Appreciates to ₦1,387 in Parallel Market Amid Ongoing Forex Market Fluctuations
The Nigerian naira has strengthened to ₦1,387 per US dollar in the parallel foreign exchange market, reflecting a slight appreciation amid continued volatility in the country’s currency trading environment.
The movement highlights ongoing shifts in demand and supply within Nigeria’s foreign exchange market, as traders respond to liquidity conditions, policy interventions, and broader economic pressures.
Market data shows that the naira has recorded mixed performance in recent trading sessions, with alternating gains and losses across both official and parallel market segments.
At the parallel market, the currency’s appreciation to ₦1,387 per dollar indicates marginal improvement compared to previous rates, where the naira traded at weaker levels.
Foreign Exchange Market Dynamics
Analysts attribute the fluctuations to varying dollar availability, speculative trading, and periodic interventions by the Central Bank of Nigeria aimed at stabilising the foreign exchange market.
Other contributing factors include diaspora remittances, export inflows, and foreign portfolio investment, which continue to influence liquidity in the FX market.
Economic Outlook
The naira’s performance remains closely tied to Nigeria’s broader macroeconomic conditions, including inflation trends, external reserves, and global market uncertainties affecting emerging economies.
Experts maintain that sustained stability will depend on improved dollar supply, stronger export earnings, and consistent monetary policy measures.