The naira on Thursday recovered by N25 on the parallel market also known as black market, following a moderation in demand for dollars.

The naira traded at N1,690 per dollar on Thursday compared to N1,715 on Wednesday due to moderate demand amid activities of speculators on the black market.

“We don’t actually know what is happening. The dollar is just fluctuating,” one street trader told BusinessDay.

Read also: Naira records second fall in official market since EFEMS’ commencement

The naira on Wednesday fell against the dollar for the second time in the official market, since the introduction of the new trading platform by the Central bank of Nigeria (CBN), due to increased demand for the US currency.

After trading on Wednesday, the naira depreciated by 1.3 percent or N20 as the dollar was quoted at N1,545 compared to N1,525 quoted on Tuesday on the Electronic Foreign Exchange Matching System (EFEMS), data from the CBN showed.

The naira saw a reversal of its five-day winning streak on Monday, as increased demand for the U.S. dollar among end users pushed the local currency lower across various segments of the foreign exchange (FX) market.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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