The Nigerian naira remained relatively stable against the US dollar across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as trading began for the week.
At the official NFEM window, the dollar traded at about ₦1,327.08, maintaining its recent stability amid strong liquidity inflows and increased market activity following ongoing policy adjustments by the Central Bank of Nigeria.
Market participants said the country’s foreign reserves, which have received significant support in recent months, have provided a buffer for the naira and helped keep the official exchange rate within a narrow range.
In the parallel market, the dollar exchanged for between ₦1,370 and ₦1,390.
Currency traders reported steady demand for physical cash, resulting in a relatively narrow gap between the parallel and official exchange rates.
Financial analysts attributed the continued convergence between the two markets to improved transparency and liquidity through official channels, which they said had helped discourage speculative hoarding and encouraged routine foreign exchange transactions through formal banking channels.