Naira holds steady at N1,363 as CBN reforms boost FX market stability
By Aboki Forex —
The naira opened the new trading week at N1,363.83 per dollar at the official Nigerian Foreign Exchange Market window, according to data from the Central Bank of Nigeria's exchange rate portal.
The official market has largely traded within the N1,360 range in recent days. Analysts say this stability is supported by ongoing reforms and improved foreign exchange supply.
At the NFEM window, the currency traded around N1,360.55 per dollar earlier. On the parallel market, rates hovered between N1,400 and N1,405 per dollar.
Market analysts attribute the relative calm to sustained liquidity, greater transparency in the unified foreign exchange system, and continued monitoring by monetary authorities.
The CBN confirmed that the NFEM rate is a volume-weighted average and serves as the country's official exchange rate benchmark. At the prevailing official rate, $100 exchanges for approximately N136,383.