The Naira maintained relative stability against the United States dollar on Monday, trading at about ₦1,370.33/$ at the official Nigerian Foreign Exchange Market (NFEM).
Figures obtained from the official foreign exchange window showed that the local currency exchanged at approximately ₦1,370.33 to the dollar during Monday’s trading session.
The official exchange rate published daily by the Central Bank of Nigeria is determined through a volume-weighted average of completed foreign exchange transactions executed within the Nigerian Foreign Exchange Market.
Meanwhile, activity in the parallel market also remained largely stable.
At the black market, the US dollar sold for about ₦1,400, while the buying rate stood at approximately ₦1,385 per dollar.
The relatively steady performance of the Naira has been linked to the Central Bank’s continued liquidity management policies and ongoing foreign exchange reforms designed to improve transparency and strengthen price discovery in the market.
Market analysts say the stability reflects the impact of measures introduced by the monetary authorities to improve confidence in the foreign exchange system and support orderly trading.
Although the gap between the official and parallel market rates persists, recent movements suggest that volatility in the foreign exchange market has moderated compared to previous months.
The Central Bank has continued to implement reforms aimed at enhancing market efficiency, increasing liquidity and encouraging greater participation in the official foreign exchange market.
These initiatives form part of broader efforts to stabilise the Naira and improve Nigeria’s overall foreign exchange environment.
