Data from the Central Bank of Nigeria’s exchange rate portal showed that the official Nigerian Foreign Exchange Market (NFEM) rate hovered around ₦1,374 per dollar, with trading bands ranging between approximately ₦1,362 and ₦1,378.
Market rates remained relatively stable as the CBN continues efforts to improve dollar liquidity in the official forex window.
Analysts say the naira’s direction this week is likely to be shaped by movements in crude oil prices, levels of external reserves, and ongoing monetary policy measures aimed at stabilising the foreign exchange market.
Currency traders also noted that sentiment remains cautious, driven by sustained demand for foreign exchange from importers, travellers, and businesses sourcing dollars outside the banking system.
