The naira held relatively steady on Tuesday, trading at about 1,360.19 per dollar in the official Nigerian Foreign Exchange Market (NFEM).
The currency recorded mild intraday fluctuations, opening at around 1,359.23 before edging slightly lower as demand and supply dynamics played out in the market.
The Central Bank of Nigeria (CBN) continues to closely monitor the official window, maintaining its “willing buyer, willing seller” framework aimed at improving transparency, enhancing price discovery, and limiting sharp volatility in the exchange rate.
Market performance remains influenced by key macroeconomic factors, particularly global oil prices, which play a crucial role in sustaining Nigeria’s foreign exchange inflows and external reserves.
Domestic liquidity conditions are also being shaped by the gradual clearance of corporate FX backlogs, alongside routine seasonal demand for international payments.
Analysts say attention will be on the closing rate for a clearer picture of the naira’s midweek performance, with expectations that the currency will trade within its current range barring any major policy intervention or shifts in global market sentiment.
