The naira opened the week on a stable note, closing at N1,529/$1 to the U.S. dollar on Monday, unchanged from its rate at the close of last week in the official market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,520/$1 and N1,531/$1 during Monday’s trading session, reflecting a balance between liquidity supply and moderate demand for dollars.
The Central Bank of Nigeria’s (CBN) sustained interventions in the market and relatively subdued dollar demand appear to have supported the currency’s stability.
Beyond the official market, the naira also showed mild improvement in the parallel market, appreciating to N1,550/$1 from last Friday’s close of N1,555/$1.
It also strengthened against the British pound, rising to N2,130/£1 from N2,135/£1, but declined against the euro, trading at N1,780/€1, compared to last Friday’s close of N1,770/€1 earlier.
The naira’s movement on Monday shows a momentary stability and resilience, as the recorded gains across several foreign currencies in the parallel market reflected improved market confidence.
However, with underlying economic pressures still present, the currency’s stability remains fragile.
