The Nigerian naira recorded a mixed performance against the US dollar on Thursday, appreciating at the parallel market but depreciating at the Investors and Exporters (I&E) window.
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Data from the black market shows the naira gained ground, trading at N997 to the dollar compared to N1,000 on Wednesday.
However, at the I&E window, the domestic currency depreciated to N775.2 per dollar from N756.21 previously.
This indicates a N18.99 loss in value for the naira at the official market segment.
Consequently, the spread between the parallel and I&E exchange rates narrowed to N221.8 on Thursday, down from N243.79 earlier in the week.
Analysts attribute the naira’s marginal recovery at the parallel market to increased dollar supply following the resumption of international flights by some foreign airlines.
But demand pressures continued weighing on the local currency at the I&E window. Experts project the exchange rate volatility to persist in the near term amid uncertainties over oil earnings and foreign capital flows.
The Central Bank of Nigeria (CBN) maintains it will continue to manage both the official and unofficial forex markets while implementing policies to unify exchange rates and stabilize the naira.
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