Latest data available from the Central Bank of Nigeria’s exchange rate portal showed the naira closed around ₦1,363.83 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window at the start of the new trading week. The official market has largely traded within the ₦1,360 range in recent days, supported by ongoing reforms and improved foreign exchange supply.
The naira has shown signs of stability in recent weeks, with official market rates fluctuating within a relatively narrow band. Earlier market reports indicated the currency traded around ₦1,360.55/$ at the NFEM, while parallel market rates hovered between ₦1,400 and ₦1,405 per dollar.
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The CBN noted that the NFEM rate is derived from a volume-weighted average and serves as the country’s official exchange rate benchmark. At the prevailing rates, $100 would exchange for approximately ₦136,383 at the official NFEM window.