Naira Holds Steady at ₦1,452.27 per Dollar

The Nigerian Naira closed the early trading session at ₦1,452.27 per US Dollar in the official Nigerian Foreign Exchange Market (NFEM), reflecting the Central Bank of Nigeria’s (CBN) efforts to stabilize the official rate. Trading activity on the NFEM was recorded within the range of approximately ₦1,451.19 and ₦1,452.57 during the opening hours.

In contrast, the parallel market, also known as the black market, saw the US Dollar trading at an average of approximately ₦1,465 to ₦1,475 for cash transactions. This premium in the black market is driven by foreign exchange needs for small businesses and individuals not fully met by the NFEM.

Currency analysts attribute the relative stability in the official window to increased liquidity injections by the CBN and a slowdown in corporate FX demand towards the end of the year. However, underlying structural challenges and speculative trading continue to exert pressure on the Naira.

The market remains cautious as participants monitor future policy decisions by the monetary authorities aimed at unifying the exchange rates and tackling inflationary pressures.