Market News
Naira Stable In Official Market - CHANNELS TV
Data from the Central Bank of Nigeria (CBN) shows that the naira maintained relative stability from May 23 to May 30, fluctuating between N1,579/$1 and N1,592/$1.
This contrasts with the currency’s performance in the first week of May when it traded between N1,607/$1 and N1,612/$1 in the official market.
According to the CBN, the naira recorded a 1.28 per cent gain throughout May.
As of the time of this report, trading in the official market was still ongoing, and Monday’s closing rate had yet to be published.
The naira also appreciated to N1,610 per US dollar in the parallel market on Monday, after a turbulent performance in May, during which the currency declined by 1.24% in the parallel (black) market from the beginning of the month, checks by Channels Television have revealed.
The increase marks a notable gain from Friday’s closing rate of N1,630/$1.
Between May 21 and 29, the naira traded within a relatively narrow range of N1,618/$1 to N1,625/$1, reflecting some level of stability despite the overall depreciation.
At the beginning of May, the naira had traded at around N1,610/$1 before starting its downward trend.
The gains follow last week’s upgrading of Nigeria’s sovereign rating from Caa1 to B3 by the global credit ratings agency, Moody’s.
