Data published by the Central Bank of Nigeria showed that the naira traded around ₦1,375.41 per dollar at the Nigerian Foreign Exchange Market (NFEM) window on Thursday, maintaining the relatively steady performance recorded in recent trading sessions.
Currency traders attributed the stability to improved foreign exchange supply and continued reforms introduced by the Central Bank of Nigeria to stabilise the market.
The Central Bank of Nigeria has maintained that ongoing reforms in the FX market are aimed at improving transparency, boosting investor confidence, and achieving long-term stability for the naira.
Recent market data indicated that the naira has largely traded within the ₦1,370 to ₦1,390 band in the past week, reflecting reduced volatility compared to earlier periods of sharp fluctuations.
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Financial analysts say investors and businesses continue to monitor liquidity levels, external reserves, and monetary policy decisions, which remain key drivers of exchange rate movements in Nigeria’s foreign exchange market.
