By Seun Ibiyemi
The Nigerian Naira showed mixed performance against the United States Dollar in foreign exchange trading on Thursday, reflecting ongoing market pressures as year-end dynamics take hold.
In official markets, the Naira traded in a narrow range as the U.S. dollar exchange rate hovered around ₦1,453 to ₦1,459 per dollar in early trading, with opening levels near ₦1,455 before minor fluctuations were recorded during the session.
Market analysts attribute the limited movement in the official rate to continued liquidity provision by the Central Bank of Nigeria (CBN) through intervention windows, aimed at stabilising the currency amid heightened demand from corporate and import-related foreign exchange needs.
Meanwhile, in the informal or parallel market, the Naira remained under sustained pressure as traders continued to contend with strong festive-season demand for dollars, a trend typical at this time of year.
Overall, the Naira’s performance today underscores the delicate balance between support from official channels and persistent demand pressures in informal markets.
As the year draws to a close, traders and businesses are closely watching developments, reflecting broader concerns about foreign exchange liquidity and currency stability.