At the official foreign exchange window, the naira closed at N1,419 per dollar, unchanged from the rate recorded on Tuesday, 13 January. Similarly, activity in the parallel (black) market showed stability, with the dollar trading at N1,495, matching the previous day’s level. The unchanged figures from NGNToday indicate that the marginal appreciation recorded earlier in the week has been sustained, rather than reversed.
A data-driven review of market movements suggests that the foreign exchange market is currently in a consolidation phase.
After brief episodes of fluctuation, both the official and informal segments appear to be responding to improved short-term confidence, supported by moderated demand pressure and tighter market surveillance.
The narrow day-on-day movement points to a temporary balance between dollar supply and naira demand.
From an analytical standpoint, the consistent spread between the official and black market rates, standing at N76, highlights a persistent, though stabilised, structural gap in Nigeria’s FX ecosystem. While the gap has not widened, its durability underscores the need for sustained liquidity injections and policy clarity to encourage convergence over the medium term.
Market observers note that stability at both ends of the market can help guide pricing decisions for importers, manufacturers, and investors, particularly in the short run.
However, analysts caution that a single day of steadiness does not yet signal a long-term trend, as the naira remains sensitive to external inflows, oil revenue performance, and monetary policy signals.
Overall, Wednesday’s data reflects a calm trading session, with the naira holding its ground across markets and extending the modest appreciation momentum seen earlier in the week.
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