The naira began trading on Monday at the official window at approximately ₦1,356.74 to the dollar, following a period of moderate volatility recorded in mid-March.
During that period, exchange rates fluctuated between ₦1,344 and ₦1,370.
Figures from the Nigerian Foreign Exchange Market (NFEM) indicate that although the intraday high reached ₦1,362.00 in recent sessions, closing averages have remained close to the ₦1,355 range.
The currency’s performance has been supported by broader economic conditions, particularly external reserves, which have provided a stable backdrop this quarter.
Nigeria’s reserves recently hovered around the $50 billion mark, buoyed by consistent oil production of 1.46 million barrels per day and favourable global crude oil prices.
In addition, policy direction from the Central Bank of Nigeria (CBN) has reinforced market confidence, with the Monetary Policy Committee (MPC) maintaining a cautious stance.
The apex bank has sustained high interest rates to curb inflation, which eased slightly to 15.10% earlier in the year.
Investor sentiment has also remained positive after the CBN confirmed that 30 major banks met the new capital requirements ahead of the March 31 deadline.