The naira maintained relative stability at the official foreign exchange market as it closed at approximately ₦1,363.83 against the United States dollar at the start of the new trading week, according to the latest figures published by the Central Bank of Nigeria (CBN).
Data from the Nigerian Foreign Exchange Market (NFEM) portal showed that the local currency has continued to trade within the ₦1,360 range in recent sessions, reflecting sustained stability in the official market.
The official exchange rate has remained within a narrow trading band over recent weeks, a trend market observers attribute to ongoing foreign exchange reforms, increased market transparency and improved dollar liquidity.
Earlier market data showed the naira trading at around ₦1,360.55 per dollar at the NFEM window, while rates in the parallel market ranged between ₦1,400 and ₦1,405 per dollar.
Analysts say the relative calm in the foreign exchange market is being supported by stronger foreign exchange supply, enhanced oversight by monetary authorities and the continued implementation of the unified exchange rate framework.
The CBN has consistently maintained that the NFEM rate, which is determined through a volume-weighted average of market transactions, remains the official benchmark for Nigeria’s exchange rate.
At the prevailing official rate of ₦1,363.83 per dollar, $100 would be exchanged for approximately ₦136,383. This reflects the ongoing effort by monetary authorities to stabilize the foreign exchange market and reduce excessive volatility.
Market participants are expected to continue monitoring liquidity levels, foreign exchange inflows and policy developments as factors that could influence the naira’s performance in the coming weeks.
