The naira on Monday maintained its recent upward trend, trading around ₦1,466 to the United States dollar at the official Nigerian Foreign Exchange Market (NFEM).
At the parallel market, the greenback exchanged for about ₦1,450, according to rates monitored on AbokiFX.
Traders said the official NFEM figure, which represents a volume-weighted average from interbank transactions, showed sustained dollar inflows and liquidity injections that have helped strengthen the naira compared to levels seen earlier in the month.
On the parallel market, AbokiFX’s live updates indicated that dealers bought and sold dollars in the mid-₦1,400 range, with quotes hovering between ₦1,445 and ₦1,460 on Monday.
Market watchers attributed the currency’s stability to improved foreign exchange supply from exporters and reduced speculative trading in recent days.
However, analysts cautioned that the naira’s recent stability might be short-lived, warning that external shocks or changes in the Central Bank of Nigeria’s (CBN) interventions could still affect the exchange rate trajectory in the coming weeks.
