The Nigerian naira continued its steady performance on Monday, exchanging at N1,534.2090 per dollar on the Nigerian Foreign Exchange Market, according to data published by the Central Bank of Nigeria (CBN) on its official website.
This marks a slight improvement from Friday’s rate of N1,534.7193 per dollar and Thursday’s N1,534.7887/$, signaling a continued positive run for the local currency.
Similarly, in the parallel market, also referred to as the black market, the naira maintained a stable outlook, trading at N1,535 per dollar.
The recent strengthening of the naira has been attributed to several key factors, including:
- Improved foreign exchange inflows through increased crude oil earnings and remittances;
- Tightened monetary policy by the Central Bank, including interest rate hikes and liquidity control;
- Sustained intervention by the CBN in the official forex market to boost dollar supply and stabilize rates;
- Increased investor confidence due to ongoing reforms in the foreign exchange market;
- Reduced demand for speculative forex trading, driven by stricter regulatory oversight.
Analysts suggest that if current policies and reforms are sustained, the naira may experience further stability in the coming weeks.
