Naira Holds Steady at ₦1,382.33 per Dollar

Nigeria’s currency remained largely stable on Monday, with the naira quoted at ₦1,382.33 per dollar in the official market, maintaining its recent trading range against the United States currency.

The official rate, published on the Central Bank of Nigeria‘s Nigerian Foreign Exchange Market platform, showed little movement from Friday’s close of ₦1,379.62, reflecting relative calm in the formal segment of the foreign exchange market.

In the unofficial market, where currency is traded outside the banking system, the dollar changed hands at approximately ₦1,425 for selling and ₦1,410 for buying, though rates vary by location and dealer based on prevailing demand and supply dynamics.

Naira Rises Slightly Against Dollar — Naira Holds Steady at ₦1,382.33 per Dollar. Credit: Punch

The persistent gap between the two markets underscores continued pressure on the naira, as businesses and individuals who struggle to secure foreign currency through official channels turn to the parallel market to meet their needs.

Market watchers say the trajectory of the naira in the coming days will largely depend on foreign exchange liquidity, crude oil earnings, external reserve levels, investor sentiment, and policy actions by the central bank.

Author

Jimisayo Opanuga

Jimisayo Opanuga is a web writer in the Digital Department at News Central TV, where she covers African and international stories. Her reporting focuses on social issues, health, justice, and the environment, alongside general-interest news. She is passionate about telling stories that inform the public and give voice to underreported communities.