Naira Holds Steady as Dollar Rates Remain Narrow

The naira traded within a narrow range against the dollar on Monday, with a gap of approximately N62 separating the official and parallel market rates as traders weighed central bank interventions against sustained demand for foreign currency.

The Central Bank of Nigeria’s exchange rate portal showed the naira at N1,362.55 per dollar in the official window, a level that has remained largely unchanged in recent sessions.

The benchmark rate is calculated using a volume-weighted average of transactions.

In street trading, the dollar fetched N1,425 for sellers and N1,410 for buyers across Lagos and other commercial centres, according to traders monitoring the parallel market.

The spread between both markets has remained stable, with the official rate hovering around N1,362-N1,364 in recent days, market data showed.

Analysts said the currency was benefiting from central bank dollar sales aimed at easing demand pressures, with dealers anticipating a period of relative calm in the near term.

Reuters confirmed the naira had traded steadily near current levels in both markets.

Rates may vary across banks, bureaux de change and locations depending on transaction size and payment method.

The NFEM rate applies to formal market deals, while parallel market prices reflect cash exchanges outside the official system.