The price for one dollar has risen to N755 at the parallel market, also known as the black market, following increased demand by importers and travellers.
This represents 0.92 percent increase over N748 quoted on Wednesday in the same market segment.
At the Investors and Exporters (I&E) naira appreciated by 0.46 percent as the dollar was quoted at N463.00 on Thursday as against the last close of N465.13 on Wednesday, data from the FMDQ showed.
Most financial market dealers participating in the foreign exchange market auction on Thursday maintained bids between N460.00 (low) and N466.89 (high) per dollar.
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“For the exchange rate, we expect a slow and steady depreciation as experienced in recent years,” analysts at FSDH research said.
The analysts said the currency will continue to face pressure from high import costs and demand for foreign currency for services. Still, the CBN will continue to intervene in the FX market to limit the pace of depreciation.
“The possibility for crucial exchange rate reform in the first half of 2023 is limited and such reform can only happen in the second half of 2023 on the insistence of a new President,” the analysts said.
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