Cynthia Ezegwu
The Nigerian naira maintained its recent strength on Monday, trading around ₦1,466 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM). In the parallel market, the local currency hovered at about ₦1,450 per dollar, according to live rate trackers from AbokiFX.
Traders attributed the sustained performance to continued foreign exchange inflows and modest liquidity injections that have kept the dollar under pressure compared with levels seen earlier in the month.
At the street market, dealers quoted buy and sell rates in the range of ₦1,445 to ₦1,460, reflecting a narrower gap between the official and parallel market rates than in recent months.
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Market participants said the naira’s resilience has been supported by improved dollar supply from exporters and reduced speculative activity. However, analysts cautioned that the local currency remains susceptible to fluctuations in external inflows and policy actions by the Central Bank of Nigeria (CBN).