Naira surges performance in one day official market record, closes at N1,546.41/$1

The naira appreciated on the official foreign exchange window by N103.35 in a single day to close at N1,546.41/$1. In contrast, the currency remained stable in the parallel market, holding steady at N1,650/$1. Precisely, on the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira closed yesterday at N1,546.41/$1, marking a significant gain of N103.35 or 6.68 per cent compared to the previous day’s rate of N1,649.76/$1. However, the parallel market remained stable, with the naira maintaining its value at N1,650/$1, unchanged from the previous day. The currency had faced significant volatility earlier in the week. On Thursday, the naira hit a record low after domestic dollar liquidity plummeted by nearly 50 per cent. The naira had fallen by 5.8 per cent to N1,649.76 per dollar, the steepest daily drop since May 30, according to Bloomberg data. This decline marked a reversal from Wednesday’s 4.8 per cent gain following the government’s successful $900 million domestic dollar bond issuance.