The Naira opened in the official window Monday, trading at approximately ₦1,356.74 per Dollar, after a period of moderate volatility observed in mid-March.
Rates had fluctuated between ₦1,344 and ₦1,370.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that while the intraday high reached ₦1,362.00 in recent sessions, the closing averages remain near the ₦1,355 mark.
The broader economic landscape, including the external reserves, provided a supportive backdrop for the Naira this quarter.
Boosted by steady oil production levels of 1.46 million barrels per day and favorable global crude prices, Nigeria’s external reserves recently hovered around the $50 billion mark.
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Also, the Central Bank of Nigeria (CBN) policy shifts – the Monetary Policy Committee (MPC) recently signalled a cautious stance.
The apex bank has maintained high interest rates to combat inflation, which dropped slightly to 15.10% earlier this year.
Investors have also remained optimistic after CBN announced that 30 major banks met its new capital requirements ahead of the March 31 deadline.
