LAGOS – The Nigerian Naira opened trading at N1,362.76 against the United States dollar on Monday, maintaining narrow consolidation across official foreign exchange transaction windows.
Data from the Central Bank of Nigeria (CBN) and the Nigerian Foreign Exchange Market (NFEM) shows that the local currency closed last week Friday trading at N1362.86/$. Spot transactions fluctuated between N1,359 and N1,365 per dollar over recent sessions.
Daily turnover figures across official trading channels averaged over $150 million, supported by sustained commercial bank order fills and international money transfer operator inflows.
In the parallel market (Black Market), foreign exchange dealers quoted buying and selling bands between N1,385 and N1,410 per dollar, keeping the local currency’s retail spread remarkably tight.
Last week, monetary authorities sustained aggressive liquidity operations, maintaining the benchmark Monetary Policy Rate (MPR) at 26.5% to rein in systemic liquidity and combat persistent inflationary pressures.
The CBN recent policy framework has narrowed the premium between official and unofficial rates, signaling enhanced price discovery despite ongoing foreign currency demand pressures from corporate importers and debt servicing.
