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The Naira traded relatively stable against the US dollar on Monday, maintaining a narrow spread between official and parallel market rates as foreign exchange reforms continued to shape currency dynamics.
According to data from the Nigerian Foreign Exchange Market, the naira exchanged at approximately ₦1,363.41 per dollar at the official window, while parallel market rates ranged between ₦1,390 and ₦1,400 across Lagos, Abuja and Port Harcourt.
The $100 exchanges for about ₦136,341 at the official rate and roughly ₦140,000 at street market prices.
Market observers attribute the stable pricing to recent policy measures introduced by the Central Bank of Nigeria, including the liberalisation of foreign exchange rules for exporters aimed at boosting dollar inflows.
The naira’s performance in the coming weeks will likely depend on foreign exchange supply, oil export earnings, diaspora remittances and the central bank’s monetary policy decisions.
