The Naira opened the session on Monday at the Nigerian Foreign Exchange Market (NFEM), with marginal fluctuations, as real-time data from the early hours showed the exchange rate at ₦1,377.80 per Dollar.
This represents a slight appreciation from the ₦1,380.79 recorded during the final session of the previous week.
Supported by the Electronic Foreign Exchange Matching System (EFEMS), trading volume in the official window remains healthy.
The system has continued to enhance transparency and price discovery, helping to anchor the rate near the ₦1,380 mark despite the broader global strength of the Dollar.
The current exchange rate environment is being shaped by several key macroeconomic factors, including Nigeria’s foreign exchange buffers, which remain a focal point for investors.
While reserves recently hit the $49.29 billion mark following a period of debt servicing, the Central Bank of Nigeria’s medium-term outlook projects a climb toward $51.04 billion, bolstered by sustained oil receipts and foreign investment.
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The Monetary Policy Committee (MPC) has maintained a high interest rate of 26.5%, a strategy designed to combat inflation and make Naira-denominated assets more attractive to foreign portfolio investors.
Again, ongoing reforms in the remittance sector, including the routing of diaspora transfers through formal settlement accounts, have improved the daily supply of foreign currency to the banking system.
