By Seun Ibiyemi
The Nigerian naira maintained relative stability against the United States dollar on Thursday, trading around ₦1,360/$ at the official Nigerian Foreign Exchange Market (NFEM), as improved liquidity and sustained interventions by the Central Bank of Nigeria (CBN) continued to support the foreign exchange market.
Market data indicated that the naira traded within the ₦1,360–₦1,366 range at the official window, reflecting a steady performance despite persistent demand for foreign exchange from businesses, importers and travelers.
At the parallel market, the dollar exchanged between ₦1,395 and ₦1,405, leaving a relatively narrow premium compared with previous years when the gap between official and unofficial rates widened significantly.
Analysts attributed the currency’s resilience to improved liquidity conditions in the official market, ongoing dollar sales by the CBN and monetary tightening measures aimed at reducing excess naira liquidity in the economy.
Foreign exchange dealers noted that the naira has remained largely stable in recent weeks, supported by stronger market confidence and improved access to foreign currency through official channels. The stability has also contributed to greater convergence between official and parallel market rates.
READ ALSO:Blue Lagos, LASHMA partner to deploy Telemedicine services across 152 riverine communities
However, market participants cautioned that sustained demand for dollars by importers and businesses making offshore payments continues to exert pressure on the foreign exchange market, particularly in the parallel segment.
Financial analysts said the outlook for the naira remains positive in the near term, provided foreign exchange inflows remain robust and monetary authorities maintain current market-support measures. They noted that improved liquidity and investor confidence have helped reduce volatility and stabilize exchange rate movements in recent months.
The naira’s performance comes amid ongoing efforts by the Federal Government and the CBN to deepen foreign exchange market reforms, attract capital inflows and strengthen macroeconomic stability.
