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The dollar exchanged at approximately 1,371 naira on the official market on Monday as the Nigerian currency traded with slight fluctuations amid persistent demand pressure for foreign exchange.
Data from the Nigerian Foreign Exchange Market showed the dollar trading at around 1,371 naira, with intraday movements between 1,369 and 1,374 naira per dollar, according to figures published by the Central Bank of Nigeria and market trackers.
On the parallel market, the dollar traded at 1,395 naira to buy and 1,405 naira to sell in major trading hubs, including Lagos and Abuja.
The gap between the official and parallel markets remained relatively narrow compared to previous months, reflecting continued efforts by the Central Bank to improve liquidity and stabilise the foreign exchange market.
Analysts said sustained interventions and improved dollar supply to authorised dealers have helped reduce volatility in recent weeks.
Recent trading sessions have shown the naira maintaining relative stability within the 1,360 to 1,380 naira range at the official window, despite ongoing demand from importers, manufacturers and individuals seeking foreign exchange for travel and business transactions.
Market observers pointed out that the dollar exchange rate would continue to be impacted in the days ahead by changes in foreign reserve levels, investor confidence, and worldwide oil prices.
