Naira holds steady at ₦1,371/$ as FX market stability persists

The Nigerian Naira maintained a stable performance against the United States Dollar on Thursday morning across both the official and parallel foreign exchange markets.

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the official exchange rate opened the day at about ₦1,371.25 per dollar. This figure remains close to recent Central Bank of Nigeria (CBN) averages of around ₦1,373, reflecting a relatively tight trading range in recent sessions.

Market operators say liquidity in the official window has remained steady, supported by consistent interbank transactions and supply management measures that have helped prevent sharp fluctuations in the naira’s value.

In the parallel market, Bureau De Change operators in major cities such as Lagos, Abuja, and Kano quoted rates of about ₦1,370 to buy and ₦1,372 to sell a dollar. The near alignment between official and informal market rates signals a narrowing gap that analysts attribute to improved market balance and reduced speculative pressure.

Analysts also point to the Central Bank’s monetary tightening stance, including the retention of the Monetary Policy Rate at 26.5 percent, as a key factor supporting exchange rate stability by controlling liquidity and dampening demand pressures.

Overall, the currency market has remained relatively calm, with traders describing conditions as stable compared to previous periods of sharp volatility.