Naira Trades Steady Against Dollar, Pound

The Nigerian currency traded relatively stable against major foreign currencies at the start of the week across both the official and parallel markets.

At the Nigerian Foreign Exchange Market (NFEM), the naira opened at about ₦1,356.74 to the U.S. dollar on Monday.

The rate follows movements recorded in mid-March when the currency traded between ₦1,344 and ₦1,370.

Market data showed recent intraday highs around ₦1,362.00, while closing averages remained close to ₦1,355.

In the parallel market, the dollar traded at higher levels. Currency traders in Lagos and Abuja quoted the dollar at ₦1,410-₦1,430 on the morning of March 23.

Naira Trades Steady Against Dollar, Pound. Credit: Mario Gutiérrez / Getty Images

Meanwhile, the British pound also traded higher against the naira during Monday’s session.

At the official window, the pound opened at ₦1,807.88 and later traded around ₦1,804.50 during the day.

Official rates for the pound have remained within a range of ₦1,797 to ₦1,810 in recent sessions, according to market data.

In the parallel market, the pound was quoted between ₦1,895 and ₦1,920 for sales, while buying rates were around ₦1,880 in major trading centres.

Nigeria’s external reserves were reported at about $50.03 billion, according to the Central Bank of Nigeria.

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.