The Naira opened in the official window on Monday at approximately ₦1,356.74 per Dollar, following a period of moderate volatility in mid-March.
Exchange rates had fluctuated between ₦1,344 and ₦1,370, with data from the Nigerian Foreign Exchange Market (NFEM) showing intraday highs of ₦1,362.00 in recent sessions, while closing averages remained near ₦1,355.
The broader economic environment, including Nigeria’s external reserves, provided a supportive backdrop for the Naira this quarter. Steady oil production levels of 1.46 million barrels per day and favorable global crude prices have helped maintain the country’s reserves around the $50 billion mark.
Policy shifts by the Central Bank of Nigeria (CBN) have also contributed to stability. The Monetary Policy Committee (MPC) recently signaled a cautious approach, maintaining high interest rates to curb inflation, which eased slightly to 15.10% earlier this year.
Investor confidence has been further buoyed by the CBN’s announcement that 30 major banks met the new capital requirements ahead of the March 31 deadline.
