The euro traded on a steady note against the naira on Tuesday, 13 January, reflecting a pause in recent currency movements across both official and parallel market segments, according to data from the NGNToday platform.
At the official foreign exchange window, the euro closed at N1,658, unchanged from the previous trading session on Monday, 12 January. Similarly, activity in the black market showed stability, with the euro exchanging at N1,710, matching the rate recorded a day earlier.
Although headline figures point to a flat close, market analysis indicates that the euro is consolidating gains made in the preceding session. The unchanged rates suggest that the appreciation recorded earlier has been sustained, rather than reversed, signalling short-term confidence in the euro’s position against the naira.
Currency analysts note that this pattern of stability often emerges after a brief appreciation phase, as demand and supply dynamics find temporary balance. In the official market, controlled liquidity and ongoing regulatory oversight by monetary authorities continue to play a stabilising role. Meanwhile, the parallel market mirrors this calm, implying reduced speculative pressure compared to earlier volatility seen in recent weeks.
The persistent premium between the official rate and the black market rate, standing at N52, underscores the structural gap that still exists within Nigeria’s foreign exchange system.
However, the absence of fresh depreciation suggests that market participants are cautiously optimistic, adopting a wait-and-see approach amid evolving economic signals.
However, traders are expected to closely monitor external factors such as eurozone economic data and domestic policy cues, which could influence near-term movements. For now, the euro’s steady performance points to a period of consolidation, with the naira holding its ground following recent marginal improvements.
Overall, Tuesday’s data highlights a market in equilibrium, where earlier gains are being maintained rather than extended, setting the tone for cautious trading in the days ahead.
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