Nigeria Naira Bounces Back at Official Forex Window, Parallel Market Struggles

Amidst concerns over the Nigerian currency's volatility, the naira experienced a positive turn at the official forex window, strengthening by 1.09% to close at 1,419.86/$, following reassurances from the Central Bank of Nigeria Governor, Olayemi Cardoso.

Last week saw the naira hitting an all-time low at 1,482.57/$, but recent policy announcements and CBN efforts led to a rebound. However, the parallel market painted a different picture, with the naira trading between 1,440/$ and 1,460.

Bureau de Change operators cited hoarding activities impacting the exchange rate. Cardoso emphasized ongoing measures to enhance FX supply, stabilize the naira, and address fundamental economic issues.