On Wednesday, Nigeria’s currency, the naira, traded steady at N1,490 on the parallel market, also known as the black market. This stability comes amid improved dollar liquidity in the foreign exchange (FX) market. Compared to last week’s rate of N1,495, the naira saw a marginal gain of 0.33 percent.

The Nigerian economy received a significant boost with a total of $5.95 billion from the World Bank and Afreximbank, which helped strengthen the country’s external reserves and the naira.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira showed a slight improvement. It closed on Friday at N1,482.72 per dollar, a marginal gain of 0.06 percent from the previous closing rate of N1,483.62 on June 10, 2024, according to data from the FMDQ Securities Exchange Limited.

The dollar supply by willing buyers and sellers at NAFEM increased by 13.47 percent, reaching $183.47 million on Friday, June 15, 2024, up from $161.69 million on June 10, 2024, based on FMDQ Securities Exchange Limited data.

Nigeria’s foreign currency reserves have risen by 2.19 percent month-on-month, thanks to consistent dollar inflows from international financial institutions. Data from the Central Bank of Nigeria (CBN) showed that external reserves grew to $33.159 billion as of June 11, 2024, up from $32.447 billion on May 10, 2024.