Lagos State – The naira continued to trade within a relatively narrow range against the United States dollar this week, holding steady at both the official Nigerian Foreign Exchange Market and the parallel market.
Data from the official market showed the naira exchanging at approximately N1,369.92 to the dollar at the NFEM, Nigeria’s official exchange rate benchmark, while the parallel market rate hovered around N1,420 per dollar.
The spread between both windows has remained comparatively narrow in recent weeks, a trend analysts attribute to improved dollar liquidity and sustained portfolio investment inflows into Nigerian assets.
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The relative currency stability comes even as global oil markets remain volatile amid the escalating Middle East conflict, with Brent crude continuing to trade above $90 per barrel in recent sessions.
Currency traders say continued reforms and improving investor sentiment, reflected in Nigerian equities posting some of the world’s best returns this year, have helped support the naira’s relative stability.
The Central Bank has not signalled any imminent policy shift, with the current trading band expected to hold barring a significant change in oil revenue or global market conditions.
