Nigerian Naira Breaks N1,400 Barrier, Trades at N1,396.99/$ for the First Time in 2023

The Nigerian Naira has broken the N1,400 barrier, trading at N1,396.99/$ for the first time this year. Data from the Central Bank of Nigeria reveals that the official market rate strengthened to N1,396.99/$ on Thursday, below the N1,400 level.

This move confirms the Naira's return below N1,400 after an extended period of trading above this level. Intraday trading on Thursday saw the Naira reach a high of N1,400.1, a low of N1,367.1, and close at N1,385.1.

The latest outcome reflects a steady appreciation trend for the Naira. According to Cowry Asset Management Limited, the Naira strengthened by 1.06% to N1,454 in the parallel market, indicating improved currency sentiment.

Tilewa Adebajo, the Chief Executive of CFG Advisory, highlighted a narrowing spread between the official and parallel market rates, dropping to approximately 6.7%. Financial analysts project that the Naira will trade within a predicted range, largely influenced by FX supply conditions and liquidity dynamics in the official market.