The Nigerian naira recorded a marginal appreciation against the United States dollar at the official foreign exchange market, according to the latest data released by the Central Bank of Nigeria.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded at an average rate of about ₦1,358 per dollar, reflecting slight gains compared to previous trading sessions.
Recent market activity within the NFEM had seen the dollar quoted between ₦1,352 and ₦1,365, depending on transaction volumes and the financial institutions participating in the market.
Financial analysts attributed the relative stability of the local currency to sustained interventions by the apex bank and improved foreign exchange inflows into the official market.
“The market is benefiting from increased dollar liquidity and consistent interventions by the Central Bank,” a Lagos-based financial analyst said. “This has helped reduce volatility in the official window despite persistent pressure on demand.”
Analysts, however, warned that strong demand for foreign exchange from importers, manufacturers, overseas school fee payments, and foreign travel continues to weigh on the naira.
Currency dealers also noted that movements in global crude oil prices, foreign portfolio investments, and future monetary policy decisions by the Central Bank would remain key factors influencing the performance of the naira in the coming weeks.
“The foreign exchange market is still highly sensitive to external economic conditions and investor sentiment,” a currency trader said. “Any major shift in oil prices or monetary policy could affect the naira’s stability.”
