Data from the Central Bank of Nigeria’s exchange rate portal, Nigerian Foreign Exchange Market (NFEM), showed that the naira rate remained around the ₦1,360 per dollar mark in recent trading sessions.
The NFEM rate remains the country’s official benchmark exchange rate and is derived from volume-weighted transactions in the foreign exchange market.
The exchange rate has fluctuated within a narrow band as market participants adjusted to prevailing supply and demand dynamics.
Market analysts said the naira’s performance has been supported by improved liquidity in the official market and continued efforts by monetary authorities to sustain stability in the foreign exchange sector.
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The currency has traded largely within the ₦1,350–₦1,370 range against the dollar in the official window, according to recent data.
Analysts noted that sustained liquidity in the official window and improved confidence among market participants have helped reduce volatility in recent months.
However, Currency dealers said demand for foreign exchange from importers, travellers, and businesses making offshore payments continues to support activity in the parallel market despite improved access to dollars through official channels.
