The Nigerian foreign exchange market remained calm on Wednesday, 14 January, with the euro maintaining stability across both official and parallel (black) market segments, according to the NGNToday platform.
At the official window, the euro was quoted at N1,658, unchanged from the previous trading day. Meanwhile, the parallel market recorded the euro at N1,710, reflecting minimal fluctuations in demand and supply dynamics.
Market Analysis
Analysts suggest that the steady levels indicate a period of consolidation following recent volatility, with the Naira showing resilience amid cautious trading activity.
Parallel market turnover was moderate, while official window operations remained orderly, providing predictability for businesses and importers.
Comparing with 13 January, both rates held steady, highlighting the absence of sharp currency swings. This stability signals that pressures typically driving sudden fluctuations, such as speculative demand or abrupt foreign inflows, have eased for now.
Market Outlook
The balanced performance in both official and parallel markets points to a stable foreign exchange environment.
External factors, including global commodity prices and international monetary policies, remain key influences on future exchange rate movements.
Investors, importers, and SMEs are expected to continue monitoring market cues closely, as periods of steadiness can shift quickly with new economic developments.
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