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 moderate as the CBN continues efforts to improve dollar liquidity in the formal forex window.
Analysts said the direction of the naira this week could be influenced by crude oil price movements, foreign reserve levels, and monetary policy measures aimed at stabilising the foreign exchange market. READ ALSO: Thailand To Borrow $12.2bn As Mideast Crisis Bites Currency traders also noted that market sentiment has remained cautious amid ongoing demand pressure for foreign exchange by importers, travelers, and businesses seeking dollar supplies outside the banking system.