The naira ended trading session on a weaker note on Wednesday, closing at N1,340 against the US dollar at the official window.
This is despite an intervention by the Central Bank of Nigeria (CBN) to stabilise the market.
How Trading Went
The market opened on a calm note with very few trades, but activity picked up later in the day as inflows from Foreign Portfolio Investors helped ease some of the initial pressure.
This briefly pushed the Nigerian Foreign Exchange (NAFEX) rate to strengthen to N1,336.67/$.
Midway through the session, the Central Bank of Nigeria (CBN) stepped in by lifting market offers to absorb excess liquidity.
However, this move was not enough to sustain the gains.
By the close of business, the naira had depreciated to N1,340/$, compared to the N1,337/$ recorded on Tuesday.
Parallel Market
The weakness at the official window was also reflected in the parallel market.
The Naira fell to N1,400/$, down from Tuesday’s N1,382.50/$.
This further widened the gap between the official and black market rates.
- Intraday High: N1,328/$
- Intraday Low: N1,340/$
- Volume-Weighted Average: N1,338.11/$
- Parallel Market Rate: N1,400/$
