The naira maintained its previous rate in the official market, closing at N1,600/$1 on Monday.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira ended the session at N1,599.94/$1, almost unchanged from last week’s closing rate.
The stability reflects the Central Bank of Nigeria’s (CBN) ongoing efforts to manage the currency’s value through monetary policies and market interventions.
In the parallel market, the naira appreciated modestly against the U.S. dollar to N1,595/$1, a 0.19% gain from its last close of N1,598/$1.
However, it weakened slightly against the British pound, closing at N2,085/£1 — a 0.24% drop from N2,080/£1. Against the euro, the naira strengthened, closing at N1,768/€1 compared to N1,770/€1 previously.
The positive shift across the foreign exchange market shows easing demand pressures and improving market dynamics.
A stable naira not only boosts investor confidence but also strengthens Nigeria’s standing as a key player among emerging markets.
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