The naira recorded mixed movements across foreign exchange markets on Wednesday, December 17, as trading activity intensified toward the end of the year.
Figures from the Nigerian Foreign Exchange Market (NFEM) and the parallel market showed a narrow but persistent gap between official and unofficial rates, underscoring sustained pressure on the local currency.
At the official NFEM window, the naira opened slightly weaker against the United States dollar, trading at an average of ₦1,453.67. This followed a volatile start to the week, during which the currency touched an intraday high of ₦1,454.97. Market analysts attributed the mild depreciation to increased demand from corporate organisations settling year-end obligations and import payments ahead of the holidays.
In the parallel market, however, the dollar continued to trade at a premium. Dealers in Lagos, Abuja and Kano bought the greenback at about ₦1,475 and sold at approximately ₦1,485, reflecting relative stability compared to the previous week.
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Despite the moderation, the gap between the official and parallel rates remains a concern for small-scale importers and travellers, who are often forced to rely on the informal market.
The Central Bank of Nigeria (CBN) has sustained its liquidity support at the NFEM to contain sharp fluctuations. Analysts say recent interventions by the apex bank have helped avert steeper losses, even as global oil price volatility continues to weigh on Nigeria’s foreign exchange reserves.
Other major currencies also traded higher against the naira. The British pound exchanged at about ₦1,943 at the official window, while the euro stood at ₦1,707. In the parallel market, the pound approached the ₦2,000 mark in some locations, reflecting stronger demand pressures.
