Data from the CBN showed that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,376.1925 per dollar and closed at N1,373.5 per dollar. This marks the second consecutive day of appreciation, following Wednesday’s rebound, signaling a gradual recovery after weeks of steady depreciation.
Earlier in the week, on Tuesday, 10 March, the naira traded at N1,401.4041 per dollar and closed at N1,390.5 per dollar in the official market. The currency has since regained ground, reflecting renewed market confidence.
The naira also strengthened in the parallel market, where Bureau de Change operators across Lagos, Kano, Port Harcourt, and Abuja reported the naira trading at N1,410 per dollar for buying and N1,440 per dollar for selling on Wednesday, 11 March, reflecting gains of N10 and N20 respectively.
Analysts suggest that the recent stabilization may be linked to increased foreign inflows and intervention measures by the CBN, though market watchers say it remains to be seen whether this rebound is sustainable. Overall, the trend points to a cautiously optimistic outlook for the naira as it gradually recovers value against the dollar.