Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) portal showed that the naira remained relatively stable around the ₦1,360/$ mark in recent trading sessions.
The NFEM rate, which serves as Nigeria’s official benchmark exchange rate, is determined through volume-weighted transactions conducted in the foreign exchange market.
Recent trading data indicates that the local currency has continued to fluctuate within a narrow range, reflecting a balance between foreign exchange supply and demand across the market.
Analysts attributed the naira’s relative stability to improved liquidity in the official market, supported by ongoing policy measures aimed at strengthening confidence and sustaining stability in the foreign exchange sector.
According to recent market data, the naira has traded largely within the ₦1,350 to ₦1,370 per dollar band at the official window, with reduced volatility compared to previous periods.
Market observers noted that sustained dollar inflows and improved market confidence have contributed to the currency’s resilience, helping to moderate sharp exchange rate movements in recent months.
Despite the improved conditions in the official market, currency dealers said demand for foreign exchange from importers, travellers, and businesses with offshore payment obligations continues to drive activity in the parallel market, underscoring the persistent appetite for dollars across various segments of the economy.
