Naira holds steady at N1,602/$1 in official market  

This signals a continuation of the Central Bank of Nigeria’s (CBN) recent efforts to stabilize the currency amid ongoing economic headwinds and inflationary pressures.

According to official data from the CBN website, the currency had closed at N1,596/$1 on Monday before settling at N1,602/$1 on both Tuesday and Wednesday.

Intra-day trading data revealed that the naira fluctuated between a high of N1,603.5/$1 and a low of N1,580/$1 on Wednesday.

This compares to Tuesday’s intra-day high and low of N1,602.02/$1 and N1,596.7/$1, respectively, reflecting minimal volatility and a narrow trading band.

The average exchange rate stood at N1,599.5/$1 on Wednesday, slightly lower than the N1,600.04/$1 recorded on Tuesday, according to data available on the CBN’s official website.

Against other major currencies, the naira posted the following rates at the official market on Wednesday:

Meanwhile, in the parallel (black) market, the naira traded at N1,608/$1 on Wednesday, slightly strengthening from N1,610/$1 recorded on Tuesday but down from N1,605/$1 on Monday.

Recently, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, have declared that President Bola Tinubu’s economic reforms have restored the confidence of investors in the Nigerian economy and stabilised the foreign exchange (FX) market.

Naijaonpoint recently reported that CBN directed all banks operating in the country to adopt the Pan-African Payment and Settlement System (PAPSS) and commence originating transactions under the new framework, as part of efforts to deepen intra-African trade and improve cross-border payment efficiency.