The Nigerian naira recorded marginal appreciation on Monday, trading at ₦1,545 per US dollar in the parallel market, an improvement from the ₦1,550 it exchanged for at the close of last weekend. The currency also showed a modest gain in the Nigerian Foreign Exchange Market (NFEM), reflecting improved sentiment and slight pressure relief in the forex ecosystem.
According to data made available by the Central Bank of Nigeria (CBN), the exchange rate at the official window stood at ₦1,528.65 per dollar, strengthening from ₦1,532 recorded last Friday. This represents a ₦3.35 appreciation for the local currency in the formal market segment.
The dual gains across both market segments led to a further narrowing of the spread between the official rate and the parallel market. As of Monday evening, the gap had contracted to ₦16.35, down from ₦18 per dollar recorded over the weekend.
Currency traders in Lagos and Abuja confirmed the improved rate, attributing it to a slight increase in dollar supply and a dip in speculative demand. Some also cited renewed optimism in the financial markets following recent monetary interventions by the apex bank and improved confidence in the reforms under the Central Bank’s current leadership.
Analysts, however, maintain a cautious outlook, noting that while the naira’s gain is a positive development, sustained stability will depend on increased forex inflow, reduced demand pressure, and consistent policy execution.
The Central Bank has continued to engage in measures aimed at improving liquidity, curbing speculative trading, and aligning exchange rate windows—part of its broader strategy to achieve a more unified and transparent forex regime.
With economic stakeholders closely watching the naira’s performance amid ongoing monetary adjustments, the recent appreciation offers a glimmer of hope for stability in Nigeria’s volatile foreign exchange market.
