The official market has largely traded within the ₦1,360 range in recent days, supported by ongoing reforms and improved foreign exchange supply.
File photo of naira and dollar notes
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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Analysts attribute the relative calm in the foreign exchange market to sustained liquidity, improved transparency in the unified foreign exchange system, and continued monitoring by monetary authorities.
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.
