The Nigerian naira held within a narrow band against the United States dollar on Monday as persistent forex demand kept mild pressure on both official and parallel market rates.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate hovering around ₦1,371 per dollar, with intraday trading fluctuating between approximately ₦1,369 and ₦1,374. The figures were sourced from the Central Bank of Nigeria (CBN) and independent market trackers.
Activity in the parallel market remained broadly stable across major trading hubs including Lagos and Abuja, where the dollar changed hands at a buying rate of around ₦1,395 and a selling rate of approximately ₦1,405.
The spread between the official and parallel market rates has narrowed compared to previous months, a development analysts attribute to sustained CBN interventions and improved dollar supply to authorised dealers.
Market watchers caution, however, that the naira’s near-term direction will remain sensitive to movements in global oil prices, the level of Nigeria’s foreign reserves, and broader investor confidence in the economy.
