By Seun Ibiyemi
The Naira maintained relative stability against the US Dollar on Tuesday, with the official exchange rate in Nigeria’s foreign exchange market hovering around ₦1,378 to ₦1,380 per dollar in early trading.
According to data from the Nigerian Foreign Exchange Market (NFEM), the Naira opened the session around ₦1,379.30 per dollar and fluctuated slightly during the morning trades, reflecting a resilient performance following recent mild volatility.
Market analysts attribute the relative stability to improved liquidity conditions and ongoing interventions by the Central Bank of Nigeria (CBN), including liquidity‑boosting measures and strategic foreign exchange management policies that have helped balance demand and supply pressures.
The narrow gap between official market rates and those in the parallel segment has been cited as another sign of growing alignment between FX windows, a key objective of the current exchange rate unification policy.
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In the parallel (black) market, rates also reflected relative steadiness, with dollar‑to‑Naira quotes trading within a similar range, underscoring subdued volatility across both major FX channels.
Investors and FX market participants are watching for policy announcements and economic indicators that could influence the Naira’s trajectory as the second quarter progresses.
Overall, the currency’s performance today signals cautious optimism among traders, with the Naira holding its ground amid evolving domestic and global market dynamics.
