The Naira remained stable against the United States Dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Monday, reflecting sustained calm in the currency space.
At the official market, the Dollar exchanged at ₦1,449.84, maintaining the levels recorded towards the end of last week.
Similarly, the Naira held firm at the parallel or black market, retaining its premium over the official rate. Currency traders disclosed that the local currency was trading within the range of ₦1,480 to ₦1,490 per dollar in major commercial centres such as Lagos and Abuja.
Market watchers say the development points to a continued balance between demand and supply, suggesting that recent monetary and liquidity management measures by the Central Bank of Nigeria (CBN) may be helping to stabilise the foreign exchange market.
Analysts note that sustained stability could boost investor confidence and reduce speculative pressure if current policy consistency is maintained in the coming weeks.
