By Seun Ibiyemi
The Nigerian naira opened the trading week with a slight appreciation against the United States dollar on Monday, reflecting continued stability in the foreign exchange (FX) market amid sustained interventions by the Central Bank of Nigeria (CBN).Cardoso calls for digital payment reforms at G-24 meetings
Data from the Nigerian Foreign Exchange Market (NFEM) show that the naira traded at about ₦1,339.18 per dollar in the official window early Monday, a modest improvement from Friday’s closing rate of ₦1,343.36.
The currency’s movement today remained within a narrow band, touching an intraday high before firming again later in the session.
In the parallel (black) market, the naira also held fairly steady, with informal forex dealers in major cities quoting the dollar between ₦1,355 and ₦1,362, a tight spread that reflects better liquidity and reduced speculative demand.SERAP sues CBN over ₦3trn allegedly unaccounted for, Including ₦629bn in Anchor Borrowers’ funds
Market analysts attribute the naira’s relative firmness to ongoing CBN policy support, including consistent dollar supply to market participants and high interest rates aimed at attracting foreign portfolio investment.
These measures, along with improved oil earnings and easing inflationary pressures, have helped narrow the gap between the official and parallel market rates.
Despite these gains, the naira continues to face underlying pressures from strong external currency demand.
However, experts expect the local currency to remain relatively stable in the ₦1,330–₦1,360 range against the dollar for the coming days, barring major shifts in global oil prices or domestic policy changes.
