Latest figures published by the Central Bank of Nigeria (CBN) showed that the official naira exchange rate hovered around ₦1,371 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday. The market recorded intraday movements between approximately ₦1,369 and ₦1,374 per dollar.
The development reflects continued efforts by the Central Bank of Nigeria to improve liquidity and stabilise the foreign exchange market. Analysts said sustained interventions and improved dollar supply to authorised dealers have helped reduce volatility in recent weeks.
Recent trading sessions have also shown the naira maintaining relative stability within the ₦1,360 to ₦1,380 range at the official window, despite ongoing demand from importers, manufacturers, and individuals seeking foreign exchange for travel and business transactions.
READ ALSO: Global Stocks Fall, Bonds Limp As Oil Nears $110 According to market watchers, global oil price movements, foreign reserve levels, and investor confidence will continue to influence the direction of the naira in the coming days.