The naira appreciated further at the official foreign exchange market on Thursday, strengthening to N1,385 per dollar, its strongest level since May 2024, according to data from the Central Bank of Nigeria (CBN).
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the currency improved from its previous close, reflecting relatively better liquidity and short-term stability at the official window after weeks of volatility.
Market analysts attributed the gains to ongoing FX market reforms, tighter transaction monitoring, and a temporary easing of demand pressure. The performance marks the naira’s best showing in over 20 months at the official market.
However, activity in the parallel market remained mixed, highlighting continued distortions and unmet FX demand outside official channels.
Meanwhile, the Nigerian Exchange closed on a positive note. The All-Share Index rose by 0.22% to 165,527.31 points, while market capitalisation increased by ₦232.35 billion to ₦105.97 trillion.
Market breadth was positive, with 41 gainers and 27 losers. Banking stocks led sectoral gains with a 0.68% increase, followed by Insurance (0.64%) and Consumer Goods (0.46%). Oil and Gas stocks edged up slightly, while Industrial and Commodity sectors closed flat.
Trading volume rose to 691.42 million shares, though the total value of trades declined to ₦15.37 billion.
