Naira gains in parallel market, loses in I&E window

The naira appreciated against the dollar in the parallel market on Thursday, closing at N997 per dollar from N1,000 per dollar on Wednesday. This represents a 0.3 percent gain for the local currency.

However, the naira depreciated in the Investors and Exporters (I&E) window, where forex is traded officially, to N775.2 per dollar from N756.21 per dollar on Wednesday. This indicates a 2.5 percent loss for the naira.

The depreciation in the I&E window widened the gap between the official and parallel market exchange rates to N221.8 per dollar from N243.79 per dollar on Wednesday.

The naira has been under pressure in recent weeks due to high demand for dollars amid dwindling foreign exchange reserves and low oil prices.

The Central Bank of Nigeria (CBN) has been intervening in the forex market to support the naira and maintain stability.