Naira Opens Week at ₦1,327.08 Per Dollar

The naira began the trading week without significant movement against the dollar, with the official rate at about N1,327.08 and street traders quoting between N1,370 and N1,390.

Analysts attributed the narrow spread between the two markets to improved liquidity in formal channels, which has reduced the incentive to hoard dollars and pushed more transactions through banks.

Naira Trades Steady Against Dollar, Pound. Credit: UTLAM

Foreign reserves built up over recent months have given the Central Bank of Nigeria room to keep the official window stable, according to market participants.

Demand for physical cash in the parallel market remained steady, traders said, though the premium over the official rate stayed modest.

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.